Binance resumes withdrawals following $6.3 billion security breach
What happened
Binance reported a security breach involving approximately $6.3 billion in funds that occurred on Thursday, leading the exchange to suspend withdrawals.
Investigators have linked hackers associated with North Korea to the attack.
By Sunday, Binance had covered 95 percent of the stolen tokens and resumed withdrawals for bitcoin, ether, and certain stablecoins.
Why it matters
The incident represents a record-scale theft for the cryptocurrency industry, and the recovery of 95 percent of the funds allowed for the restoration of platform services.
Context
Binance is the world's largest cryptocurrency exchange by daily trading volume and was founded in 2017 by Changpeng Zhao.
North Korea maintains active cyber capabilities for offensive and defensive operations.
Sources 5 sources
This briefing cites 2 publishers across 2 detected independent reporting streams.
- City A Binance resumes customer withdrawals after record $6.3bn hack
- The Standard 英文虎報 Crypto platform Binance confirms 'complex' $6.3 bn hack
- The Standard 英文虎報 Binance resumes bitcoin, ether withdrawals after covering bulk of stolen US$6.3 billion
- Wikipedia Binance Background reference · Wikipedia text used under CC BY-SA 4.0.
- Wikipedia Cyberwarfare Background reference · Wikipedia text used under CC BY-SA 4.0.