Binance halts withdrawals after massive hack, promises to cover losses

Binance, the world’s largest cryptocurrency exchange, has temporarily suspended withdrawals following a cyberattack that resulted in the theft of approximately $6.3 billion in digital assets.

According to TheCable, the company confirmed the security breach on Thursday, assuring customers that their funds remained safe despite the massive losses.

Binance said it would compensate affected users and had collaborated with other cryptocurrency firms to freeze approximately $3 billion in stolen assets.

Initial investigations suggested hackers gained access through a compromised engineer’s laptop, although subsequent findings revealed “additional points of breach”.

The company described the incident as a “complex hack” and said it was working with law enforcement agencies to recover the stolen funds.

Blockchain intelligence firm TRM Labs linked the attack to suspected North Korean hackers, citing similarities with previous cryptocurrency thefts.

Binance also announced that it had begun recovering affected assets and was working towards restoring withdrawal services.

The incident could become the largest cryptocurrency theft ever recorded.