Binance, the global leader in cryptocurrency trading, announced on Thursday that it has temporarily halted all deposit and withdrawal operations following a massive cyberattack. Hackers managed to steal more than $6 billion in digital coins, marking what appears to be the largest crypto heist in history. The exchange's founder, Changpeng Zhao, confirmed that the incident does indeed look like a hack, though the precise mechanics of the breach were not immediately clear.
In response to the theft, Binance has committed to making its customers whole by covering all estimated losses, which total approximately $6.3 billion. The company reported coordinating with other firms in the crypto sector to freeze about $3 billion of the stolen assets. However, research firm TRM Labs estimates that hackers have already moved roughly $2.4 billion beyond the reach of any issuer.
Initial investigations suggested the attackers may have gained access through an engineer's laptop, but Binance later identified additional points of breach on Friday, reclassifying the incident as a "complex hack." TRM Labs expressed high confidence that the attack was executed by North Korea's elite hacking unit, citing similarities to previous thefts. Binance stated it is working closely with law enforcement to resolve the situation.
Sources: The New York Times Technology.