Binance halts withdrawals following $6.3 billion security breach
Cryptocurrency exchange Binance has suspended all withdrawals after a significant cyberattack resulted in losses estimated at $6.3 billion.
Binance has restricted all user withdrawals following a major security breach that resulted in the theft of an estimated $6.3 billion in digital assets. The platform, which serves as the largest exchange in the cryptocurrency market, confirmed the scope of the incident following the unauthorized access.
While the company reported that approximately $3 billion in assets, primarily stablecoins, have been frozen, the situation remains critical. Blockchain analytics firm Elliptic reports that the perpetrator has converted $3.3 billion into digital assets that are resistant to freezing, with ongoing efforts to liquidate those funds into traditional currencies.
The scale of this incident highlights significant vulnerabilities within the digital asset infrastructure. Binance has provided no timeline for the resumption of services as investigations into the breach continue.