Binance suspends withdrawals after reported US$6.3 billion hack

Some stolen assets have been frozen, while the exchange promises to cover users' losses, Australian technology reporter Ange Lavoipierre says.

Channel: ABC News (Australia) ·

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Up to $8.9b stolen from Binance in largest ever cryptocurrency hack | ABC NEWS

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0:28Lavoipierre estimates the theft at US$6.3 billion and describes it as the largest cryptocurrency hack in history.
1:01Initial findings suggest attackers likely entered through a staff member's laptop.
1:21External observers detected assets moving from hot wallets into newly created suspect wallets.
1:54Binance suspends deposits and withdrawals and promises to reimburse affected users through an internal fund.
2:44A significant portion of stolen assets has been frozen in stablecoins, limiting what attackers can access.
3:19The discussion examines AI-assisted hacking without establishing its specific role in this breach.

Binance has halted deposits and withdrawals while securing its systems after an attack reported to have drained billions of dollars from the cryptocurrency exchange. But moving the assets out did not necessarily put all of them beyond reach: a significant portion has been frozen, technology reporter Ange Lavoipierre says.

Reporting for the Australian Broadcasting Corporation (ABC) in Australia, Lavoipierre puts the estimated theft at up to US$6.3 billion, equivalent to A$8.9 billion, and describes it as the largest cryptocurrency hack in history.

She says Binance has confirmed the attack, with initial findings pointing to a staff member's laptop as the likely entry point. External observers first detected funds being drained from the exchange's hot wallets into newly created suspect wallets. Hot wallets are connected to the internet, allowing an exchange to process transactions without taking assets out of offline storage each time.

According to Lavoipierre, Binance has reassured users that their funds are safe and promised to replace stolen funds through an internal fund. That reimbursement pledge is separate from the freezing of stolen stablecoins, which she says means not everything taken will reach the attackers.

The studio discussion also raises whether artificial intelligence helped carry out the breach. Lavoipierre describes AI as widely used in modern hacking and says cybersecurity experts have labelled a period of rapidly discovered software vulnerabilities "Black October". The discussion does not establish a specific AI role in this attack.

For customers, the immediate practical consequence is the suspension of deposits and withdrawals while Binance works to secure the exchange.

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