Binance Hit By $6.3 Billion Security Breach, Pledges To Cover Losses
What Happened
Binance says a major security breach had an estimated $6.3 billion impact, with around $3 billion of affected crypto assets frozen so far. The exchange temporarily suspended deposits and withdrawals while investigating and said it would cover all losses through its SAFU reserve and company funds. The incident also hit crypto markets, with Bitcoin falling more than 3% to a six-week low and Ether dropping more than 3% to a two-month low in early Asian trading.
Key Takeaways
The final loss is still being determined. Binance says customer funds are safe and no wallet private-key leak has been found, while investigators continue tracing the affected assets.