Binance flags $6.3 billion breach as $3 billion in crypto is frozen
The world's largest crypto exchange says an estimated $6.3 billion in digital assets was affected, and it has paused deposits and withdrawals while investigators work to recover funds.
Binance has reported a security breach affecting an estimated $6.3 billion in digital assets, or about Dh23.1 billion. The exchange said about $3 billion has been frozen so far with help from partners including Tether and Circle, while investigators try to trace and recover the remaining funds.
The company said a preliminary review suggests an attacker may have gained access to an engineer's laptop, reached an internal system and carried out unauthorised withdrawals. Binance said it found no evidence that wallet private keys had been leaked and that it would cover losses through its user protection fund and company funds. It said customer assets remained safe.
Deposits and withdrawals were temporarily suspended and will resume after security checks are complete, with no timeline given. Binance has not yet established its final losses and plans to publish a detailed technical report. Bitcoin fell to a six-week low and ether to a two-month low in early trading on Friday, while the exchange's BNB token dropped more than 8 per cent over 24 hours.