Binance Confirms $6.3 Billion Hack, Plans to Cover Losses

Binance, the world’s largest crypto exchange, said it was hit by a complex attack that affected an estimated $6.3 billion fund, the largest crypto hack ever in history.

The company said it will cover all losses and has reserved over $6.3 billion of company funds to cover this incident. It suspended deposits and withdrawals while conducting security checks, it said in a post on X late Thursday.

Binance said an initial investigation suggests the security incident may involve a compromised engineer’s laptop, which allowed an attacker to gain access to submit unauthorized withdrawal transactions. It has worked with other crypto companies, including Tether, Circle, Ripple, and World Liberty Financial, to freeze affected assets, with about $3 billion frozen on the blockchain so far.