Hackers stole billions of dollars from Binance. The amount could be a record high
Hackers breached the system of the largest crypto exchange, Binance, and, according to various estimates, stole up to $5.5 billion in cryptocurrency. If the figures are confirmed, this will be the largest crypto theft in history. The exchange confirmed the attack and stated that $3 billion worth of assets have been frozen so far.
Hackers stole billions of dollars from Binance. The amount could be a record high
On the night of October 30, unknown individuals hacked into the system of the largest crypto exchange, Binance, and transferred cryptocurrency worth, according to various estimates, between 1.7 billion and 5.5 billion dollars to their accounts. If these estimates are confirmed, this attack could become the largest in history.
Binance has so far only stated that an investigation is underway and that users' funds are "completely safe." The exact amounts have not been disclosed.
“Our initial investigation suggested that the security incident might be related to a compromised laptop, but our subsequent checks revealed that there were additional points of compromise in the system. This was a complex attack, and we are taking all measures within our power in cooperation with law enforcement agencies to resolve it. We are still gathering evidence and will share it directly as soon as it is identified,” the exchange said in its latest tweet.
In turn, Binance stated that it will cover all losses using the SAFU fund and company assets.
“The established timeline plan to restore withdrawal services within 45 hours remains in effect. Deposits have not been affected at all… We are still working with partners to freeze many of the affected assets, and so far we have managed to freeze nearly 3 billion dollars worth of funds,” the crypto exchange said.
It was also emphasized that users should be cautious of scams and not trust unofficial links, messages, or requests asking for account details.
Nevertheless, investors around the world have already reacted by selling off cryptocurrencies: the price of Bitcoin fell by 3.5 percent, and Ether (Ethereum) dropped by more than 4 percent.
Stablecoin operators Tether (USDT) and Circle (USDC) announced that they promptly froze $1.7 billion of the stolen funds.
Prior to this theft, the $1.5 billion siphoned off from the Bybit exchange was considered the largest crypto attack in history. At that time, the FBI stated that North Korean hackers were behind the theft.