Binance has frozen the crypto assets it holds following a hack, with the value of the stolen cryptocurrency estimated to exceed $6.3 billion (~RM 25.5 billion). The company has temporarily suspended deposit and withdrawal services while an investigation is underway.
This marks the largest crypto theft in history, surpassing the approximately $1 billion in losses resulting from an attack on Bybit last year. Binance stated that it is investigating a “potential security issue,” emphasizing that user funds remain safe and that the company will cover the losses. They are currently working with authorities to recover the stolen funds.
Stablecoin issuers, including Tether and Circle, have also frozen a significant amount of assets linked to the incident, with the total value reportedly reaching $3 billion. Following the attack, the values of major cryptocurrencies—such as Bitcoin, Ethereum, and Solana—plummeted due to concerns among holders.
This cyberattack on Binance marks the second major instance of cryptocurrency theft within the span of a month. A few weeks ago, owners of Ledger hardware wallets reported that their funds had been stolen after devices sold by CryptoBilis—a Malaysia-based company—fell victim to a supply chain attack.
