Binance has suspended deposits and withdrawals after a US$6B hack, with security firms freezing around US$3 billion of the stolen assets.
Binance has suspended deposits and withdrawals after hackers reportedly stole US$6 billion from its digital wallets in what could be the largest cryptocurrency theft to date. The exchange said it was working with law enforcement agencies and blockchain intelligence firms to trace and recover the stolen assets.
An initial investigation suggested that the attack originated from an engineer’s laptop, which allowed an attacker to access a service container and submit unauthorised withdrawal transactions. Binance said there was no evidence that any wallet private keys had been leaked.
Blockchain intelligence firms have reportedly frozen around US$3 billion of the stolen funds as they work to prevent further movement of the assets. Binance said it would cover all losses using its own funds and an emergency asset fund, adding that user funds remained safe.
The exchange temporarily suspended deposits and withdrawals to complete security checks and allow its partners to trace and recover the remaining assets. It expects withdrawal services to resume by Sunday morning.
The attack has also drawn attention to suspected North Korean involvement. Blockchain tracing firm TRM Labs attributed the incident to an elite North Korean hacking unit, citing on-chain and off-chain intelligence and similarities with previous attacks linked to the country. However, responsibility has not been formally established.
US authorities are also investigating the incident. The Federal Bureau of Investigation (FBI) said it was working with public and private-sector partners to understand the scope of the attack, assess potential impacts and coordinate investigative steps.
The US Secret Service is also working with private-sector partners, including Circle, the issuer of the US dollar-backed stablecoin USDC, to identify, freeze and recover the stolen funds.
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