Binance hit by record six point three billion dollar cryptocurrency theft

Cryptocurrency exchange Binance suffered a security breach on Thursday that resulted in the theft of 6.3 billion dollars, CNBC, Reuters, SecNews.gr, France 24, WIRED, Hampshire Chronicle, The Paypers, and the Herts Advertiser reported. CNBC and the Hampshire Chronicle noted that the incident is suspected to be the largest cryptocurrency theft in history. WIRED reported that the theft was executed in just 20 minutes. [1][2][3][4][5][6][7][8]

The incident has renewed major concerns regarding the security of storing funds inside centralized exchange wallets, according to CNBC. Reuters reported that Binance is actively working to shore up confidence following the record heist. Intelligence firms have linked the attack to North Korea, according to reports from the Herts Advertiser and The Paypers. [1][2][7][8]

Binance was founded in 2017 by Changpeng Zhao and launched after an initial coin offering for its native token. It grew to become the largest cryptocurrency exchange by daily trading volume. As FTMQ Security reported earlier, the exchange was initially investigating a potential breach involving up to 5.8 billion dollars, after which Tether and Circle froze over 2.3 billion dollars in connected assets. [9][10][12]

CNBC reported that the security breach was one of two high profile safety incidents affecting digital asset platforms within the same week. The massive loss has led industry analysts and users to question existing custodial models and retail exchange safety measures. [1]