Binance Hacked For An Estimated $6.3 Billion In Record Crypto Theft

The company promised to cover all losses but has suspended withdrawals.

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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 articlethat it had frozen withdrawals "for [a] security revamp," but that deposits were...

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