Binance suffers record $6.3 billion hack and pledges full reimbursement

Cryptocurrency exchange Binance disclosed a record cyber breach involving an estimated $6.3 billion in funds. DealBook, MarketWatch, CoinDesk, Reuters, The Information, CNBC, Ars Technica, and Forbes all reported that the exploit is the largest crypto hack on record. The Information and Ars Technica reported that Binance confirmed the attack and is moving to address the fallout. [1][2][3][4][5][6][7][10]

Attackers used artificial intelligence and other advanced techniques to steal the crypto assets, DealBook reported. CoinDesk reported that Chief Executive Officer Richard Teng said hackers erased evidence and bypassed security checks. CNBC Tech and Ars Technica both reported that investigators are attempting to trace the funds in a effort to recover them before hackers linked to North Korea can launder the stolen assets into cash. [1][3][6][7]

The Information reported that Binance plans to cover all customer losses and has reserved more than $6.3 billion in company funds for the incident. CoinDesk and Forbes reported that the exchange aims to restart customer withdrawals over the weekend, with CoinDesk adding that Binance targets Sunday for the resumption. CoinDesk also reported that Binance plans to publish its proof of reserves on Monday. [3][5][10]

MarketWatch reported that prices for Bitcoin and Ethereum tumbled following the disclosure. The publication noted that the breach has raised broader concerns regarding asset safety across centralized cryptocurrency exchanges. [2]