Binance reports $6.3 billion security breach, suspends deposits and withdrawals

Binance announced a major security incident that resulted in unauthorized withdrawals estimated to have a financial impact of about $6.3 billion, ABC News reported. The cryptocurrency exchange's initial investigation suggests the breach occurred through a compromised laptop belonging to a DevOps engineer.

The company said it uncovered additional points of breach but did not specify their locations. Binance stated it is coordinating with law enforcement and is still gathering facts to fully understand the attack, which it described as complex.

As a precaution, Binance temporarily suspended deposits and withdrawals while conducting security checks. The company has worked with blockchain partners to freeze approximately $3 billion in affected assets on-chain.

Binance assured users that all losses will be covered by the SAFU fund and the company's funds, emphasizing that user funds remain safe. The exchange plans to publish a detailed technical post-mortem and an updated Proof of Reserves once investigations and remediation are complete.