off-the-wire

Where Binance's $6.3 billion breach ranks in crypto's biggest hacks and heists

Kitco Media
By Reuters
Published:
Updated:
Reuters
Where Binance's $6.3 billion breach ranks in crypto's biggest hacks and heists teaser image

SINGAPORE, Oct 30 (Reuters) - A security breach at Binance, the world's largest cryptocurrency exchange, has resulted in an estimated $6.3 billion impact, the biggest crypto heist ever.

Binance said it had worked with partners to ​freeze the affected assets, with about $3 billion located so far. It gave no update ‌on the status of the remaining $3.3 billion, though Binance co-founder Yi He said the company would cover "all hacking losses".

The crypto industry has suffered a series of thefts, prompting questions about the security of customer funds and investors ​to possibly rethink the risks of owning digital assets.

Reporting by Ankur Banerjee in ​Singapore and Tommy Reggiori Wilkes, Tom Wilson and Elizabeth Howcroft in London; Editing by Jamie Freed

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