Cryptocurrency exchange Binance has reportedly been hit with a cyber attack that resulted in an estimated $6.3 billion loss, The New York Times reported. The company promised to cover all losses but has suspended withdrawals. The value of the theft would be a record if accurate, easily eclipsing a $1.5 billion hack of the Bybit exchange last year.

"The estimated total impact is around $6.3 billion, and [Binance] has worked with blockchain partners to freeze affected assets, with approximately $3 billion frozen on-chain so far," the company wrote in an article on its website. "Binance... will cover all losses using funds from its SAFU [Secure Asset Fund for Users] fund and the company, and user funds are safe."

Binance clarified in another article that it had frozen withdrawals "for [a] security revamp," but that deposits were "normal." Cryto platforms Tether and Circle said they've frozen $1.5 billion and $800 million in funds, respectively, associated with the attack.

It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).

I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered. https://t.co/oufpyNChxI

The hack may have started with a compromised DevOps laptop. "The exchange's initial investigation suggests that a compromised DevOps engineer's laptop may have enabled an attacker to access a service container and submit unauthorized withdrawal transactions," Binance wrote.

Multiple reports point to North Korea as the culprit. " It added that it makes the judgement with "high confidence," and is tracking the funds and alerting partners through its Beacon Network, which tracks real-time crypto crimes.

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