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‘Largest Crypto Hack in History’: Binance Loses More Than $6B

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‘Largest Crypto Hack in History’: Binance Loses More Than $6B

The popular cryptocurrency exchange Binance was hit by hackers this week. The company confirmed on Thursday that attackers gained access to its servers and stole $6.3 billion, with analysts calling it one of the biggest thefts in cryptocurrency history.

Binance said hackers likely used an employee’s laptop to gain access to their servers. The company says it “will cover all losses” for affected traders using its secured reserves and funds. Binance is working with the FBI and US Secret Service on the investigation, Reuters reports. The company has temporarily paused all withdrawals.

Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private… pic.twitter.com/5REncAI77y

Crypto prices fell across the board upon the news of the Binance breach. Cryptocurrency isn’t regulated like other stock markets or banks. Crypto markets are constantly open, and traders “mine” currency using complex computations that use a lot of energy. (If that sounds familiar, it’s because a lot of crypto operations were the blueprint for AI data centers.) Binance is not insured by the Federal Deposit Insurance Corporation, the government agency that protects your bank deposits (up to a certain amount) if your bank fails.

34 billion the company is committed to covering traders’ losses, $5 billion is being held in exact token assets, with plans to purchase the rest through other market channels.


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