Binance suffers 'biggest bank heist in history' as hackers steal $6.3 billion
The world's biggest cryptocurrency exchange, Binance, is believed to have become the victim of the largest hack in history.
The company announced that a 'security incident' had led to cybercriminals swiping digital assets worth more than six billion dollars - although it has insisted 'user funds are safe' and that it will 'cover all losses'.
It is believed to be one of the most significant security incidents on record and has left crypto investors quaking.
Binance, which is an online platform where people can buy, sell and trade virtual currencies, announced it had been compromised on Thursday (29 October).
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According to its website, more than 335 million people across the world are registered users.
In a series of social media posts, the firm which describes itself as the 'worlds most trusted' cryptocurrency exchange explained what it knows so far.
It was not immediately clear the extent of the damage hackers might have been able to cause, and Binance had not explicitly confirmed that funds had been taken.
The company said its teams are 'working around the clock' to resolve the issue which forced it to temporarily suspend deposits and withdrawals.
A Binance spokesperson said: "Rest assured that user funds are completely safe.
"Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information."
What Binance have said so far
In a post shared to X last night, Binance said initial investigations suggest that a 'compromised DevOps engineer’s laptop' is believed to be to blame.
This 'allowed an attacker to gain access to a service container and submit unauthorised withdrawal transactions', according to the crypto giant.
The statement went on: "We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
"The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
"Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete."
Users were urged to 'remain cautious of scams' and wary of 'unofficial links, messages, or requests for account information'
Binance explained it has temporarily suspended deposits and withdrawals, revoked the affected address authorisation, while calling upon law enforcement and blockchain intelligence partners to trace and recover the funds 'as an immediate precaution'.
The cryptocurrency exchange said it will share more technical details once the investigation is complete and when the facts are 'fully verified'.
Topics: Cryptocurrency
Olivia Burke