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What we know so far about the Binance hack

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What we know so far about the Binance hack

Binance, the world's largest crypto exchange, has been hit by what is believed to be the largest crypto hack ever at $6.3bn (£4.7bn).

Crypto is a type of digital asset which does not exist physically like cash or coins. Instead, people use digital wallets on their smartphones or computers to access and manage it.

Richard Teng, Binance's co-chief executive officer, said it is working with the authorities to work out what has happened and it will cover all losses.

Binance says it is beginning to recover crypto funds after $6.3bn hack thought to be largest ever

Binance is the world's largest cryptocurrency exchange by trading volume, where people can buy, sell and trade digital currencies, like Bitcoin, as well as deposit and withdraw them.

It was founded in China in 2017 and has hundreds of millions of registered users worldwide.

The exchange has come under scrutiny over the past few years - notably in 2023, when its then-chief executive, Changpeng Zhao, resigned after pleading guilty to money laundering violations.

Last year, a lawsuit in the US accused the company of helping send millions of dollars to US-designated terrorist organisations.

In 2024, the company said it has more than $160bn in assets.

Binance.us, which provides trading services specifically for US residents, said it has not been affected by the issue.

In a statement, Teng said: "Our initial investigation suggests this security incident may have started with a compromised DevOps engineer's laptop.

"That gave an attacker access to a service container, where they submitted unauthorised withdrawal transactions."


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