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Binance hack triggers $6.3B crypto loss
ALERT
The Binance exchange has suffered the largest cryptocurrency hack in history, with an estimated impact of around $6.3 billion in assets (BTC, ETH, stablecoins, and others). Analysts at TRM Labs and Elliptic attribute it to hackers linked to North Korea (the TraderTraitor/Lazarus group). Binance has paused withdrawals (deposits remain operational), frozen around $3 billion with the help of partners (Tether, Circle, etc.), and pledged to cover all losses with its own funds and the SAFU fund. CEO Richard Teng said they aim to resume withdrawals on Sunday and publish an updated proof of reserves.
The event has triggered massive liquidations (more than $1.5 billion in 24 hours, mostly longs) and a sharp market downturn: total market capitalization fell by around 5–6%.
Short-term trading impact:
High volatility and selling pressure while the recovery of funds is clarified and withdrawals resume. Risk of further liquidations if the price breaks through recent support ...
Binance hack triggers $6.3B crypto loss
ALERT
The Binance exchange has suffered the largest cryptocurrency hack in history, with an estimated impact of around $6.3 billion in assets (BTC, ETH, stablecoins, and others). Analysts at TRM Labs and Elliptic attribute it to hackers linked to North Korea (the TraderTraitor/Lazarus group). Binance has paused withdrawals (deposits remain operational), frozen around $3 billion with the help of partners (Tether, Circle, etc.), and pledged to cover all losses with its own funds and the SAFU fund. CEO Richard Teng said they aim to resume withdrawals on Sunday and publish an updated proof of reserves.
The event has triggered massive liquidations (more than $1.5 billion in 24 hours, mostly longs) and a sharp market downturn: total market capitalization fell by around 5–6%.
Short-term trading impact:
High volatility and selling pressure while the recovery of funds is clarified and withdrawals resume. Risk of further liquidations if the price breaks through recent support ...