At a Glance
Hackers stole $6.3 billion from Binance in what could be crypto's largest-ever heist.
North Korean-linked attackers are suspected of targeting wallets across 10 blockchains.
Binance and its partners have frozen around $3 billion, with other crypto firms joining the effort.
Bitcoin fell below $77,000, while BNB dropped 5%.
Binance says it will cover all hacking losses and expects withdrawals to resume within 48 hours.
The record-breaking breach has rattled crypto markets, raising fresh questions about exchange security and the safety of digital assets.
The world's largest crypto exchange, Binance, has suffered a $6.3 billion security breach, sending shockwaves through the digital asset market. The scale of the attack could make it the biggest crypto heist on record, adding pressure to an industry already facing weaker investor demand.
KEY DETAILS
Blockchain analytics firms TRM Labs and Chainalysis linked the attack to North Korean hackers. The attackers reportedly targeted Binance wallets across 10 blockchains and moved most of the stolen funds within roughly 20 minutes.
Binance said it had worked with industry partners to freeze around $3 billion. Co-founder Yi He pledged to cover all hacking losses, while the exchange said customer deposits remained unaffected and withdrawals should resume within 48 hours.
An initial investigation points to a compromised laptop belonging to a Binance engineer as a possible entry point.
Tether froze nearly $1.57 billion in related assets, Circle more than $800 million, and Ripple roughly $200 million.
MARKET REACTION
Bitcoin dropped more than 3% to $76,368, its lowest level in six weeks. Ether also lost over 3%, falling to $2,178, while BNB slipped 5% to $709.70.
Coinbase shares fell 4.8%, and Strategy dropped nearly 6% in extended U.S. trading.
WHY IT MATTERS
The breach could weaken confidence in centralized exchanges and push traders to reconsider where they hold their crypto. With $6.3 billion at stake, concerns over security, liquidity, and counterparty risks are likely to remain in focus.
Traders will be watching Binance's recovery efforts, the status of the remaining stolen funds and whether withdrawals resume as promised. The investigation could also reveal how vulnerable major exchanges remain to increasingly sophisticated attacks.
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Source: Reuters
Time: 1:00 PM EEST
