$6.3B taken in Binance crypto hack
The world’s largest cryptocurrency exchange was hacked, with $6.3 billion in user funds affected.
Binance said that about $3 billion was frozen by several partners, The Washington Post reported.
Initially, the company said an engineer’s laptop was compromised, but later said it was more complex and involved “additional points of breach.”
Binance said it will cover the losses through company funds, reserving more than $6.3 billion, but added that it had started to recover some of the affected funds, the BBC reported.
TRM Labs said that the cryptocurrency was taken out of Binance wallets on 10 blockchains in about 20 minutes, The Associated Press reported.
Other crypto firms have responded to the threat by freezing assets.
Tether froze $1.57 billion; Circle froze $800 million while World Liberty Financial froze $27 million, the Post said.
Binance has not said who it believes is responsible, but two cybersecurity threat analysis firms said it was North Korean-backed hackers TraderTraitor.
“These funds go toward weapons proliferation and other destabilizing activity, which makes this a major national security issue, not just a crypto theft,” TRM Labs global head of policy, Ari Redbord, told the Post in an email.
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