🔴 Binance hit by “largest cyberattack”... $6.3 billion hack... temporary, comprehensive suspension of withdrawals and deposits
⭕ A security breach led to unauthorized withdrawals worth $6.3 billion from Binance, the world’s largest cryptocurrency exchange
⭕ The platform announced that it had frozen assets worth $2.5 billion, affirming that users’ funds are “safe”
⭕ The platform temporarily and comprehensively suspended withdrawals and deposits to isolate the compromised addresses, according to the BBC
⭕ Binance said it had worked with its partners to freeze the affected assets after locating around $3 billion so far
⭕ According to the platform, investigations indicate that the largest hack of its kind may have begun with an intrusion into a computer belonging to one of its engineers https://www.binance.info/en/support/announcement/detail/c5a8729a97ac486d963784d96c5642d7?utm_source=new_share&ref=CPA_00JOC0MS37
This is bigger than just a billion-dollar loss; there is a suspected security breach involving Binance hot wallets (Hot Wallets).
### What happened to Binance?
According to reports published on October 29 and 30:
\- Massive outflows: Transfers from wallets linked to Binance were detected, with estimates reaching around $5.6–5.8 billion.
\- Tether intervenes: More than $1.567 billion in $USDT was frozen, according to the company president.
\- Circle intervenes: Around $823 million in $USDC was frozen.
\- CZ's position: He said the breach appears to be real, users' funds are safe, and he expects them to be fully covered.
\- Binance's position: It announced that it is investigating the incident and had not confirmed any impact on customer funds at that time.
### Figures to watch
| Item | Amount | | ----------------------------------- | ------------------------- | | Suspected outgoing transfers | $5.6–5.8 billion | | Frozen $USDT and $USDC | Around $2.39 billion | | Unrecovered or unfrozen funds | Their status is not final |
### Why does this matter?
* Freezing $USDT and $USDC prevents the frozen balances from being moved, but it does not automatically recover the remaining currencies, such as $ETH and $BTC.
* The $5.6 billion figure represents the movement of suspected assets, not a confirmed loss of that amount.
Reports of a suspected security breach involving wallets linked to Binance, with transfers estimated at around $5.8 billion.
🔴 $BNB under watch 🔴 $BTC facing market concerns 🔴 $ETH among the cryptocurrencies affected by uncertainty 🔴 $USDT and $USDC have seen balances linked to the incident frozen.
Are we seeing a greater impact on the cryptocurrency market?
$BNB — Under pressure due to Binance news. $BTC — Key support is being tested. $ETH — Monitor liquidity movements. $USDT — Keep track of frozen balances. $USDC — Monitor developments.