Binance estimates security incident impact at $6.3 billion
Binance estimates a security incident affected about $6.3 billion, says roughly $3 billion is frozen and deposits and withdrawals remain suspended during checks.
Crypto Bulletin Newsroom 2 min read
Binance said Thursday it was investigating a potential security issue with an estimated impact of about $6.3 billion, while it suspended deposits and withdrawals for checks, according to the Associated Press report.
The exchange’s October 30 official security incident update said it had worked with blockchain partners to freeze about $3 billion in affected assets on-chain. Binance said it would cover losses using its SAFU fund and company funds, and that user funds are safe.
How does Binance say the attacker got access?
Binance’s initial investigation suggests a DevOps engineer’s laptop may have been compromised, allowing an attacker to access a service container and submit unauthorized withdrawal transactions. The company said it had found no evidence that wallet private keys were leaked, and said it would publish a technical post-mortem after the investigation is complete and the facts are verified.
The estimated impact does not establish how much, if any, was ultimately lost. The Associated Press reported Binance had not explicitly confirmed that funds were stolen. Founder Changpeng Zhao said the incident “does look like a hack on Binance,” according to AP.
What steps has Binance taken?
Binance said it temporarily suspended deposits and withdrawals while security checks are completed. It also revoked the affected address authorization and said it was working with law enforcement and blockchain intelligence partners to trace and recover funds.
The exchange said its teams were working to resolve the incident and would share further updates through official channels. Binance did not provide a timeline for restoring deposits and withdrawals in its update.
Sources
- Associated Press report — apnews.com
- official security incident update — binance.com