Bitcoin, cryptocurrency prices fall after Binance reports security issue
- On Thursday, Binance confirmed it is investigating a "potential security issue" after reports of more than $2 billion in digital assets moving from its hot wallets to an unverified address.
- Blockchain data indicates transfers originated from internet-connected hot wallets and were funded through Tornado Cash, a service that obscures transaction origins, leaving the total amount unclear.
- Tether CEO Paolo Ardoino and Circle CEO Jeremy Allaire froze more than $1.567 billion and $800 million in linked assets, while Binance founder Changpeng Zhao said he expects user funds to be "fully covered."
- Binance spokesperson Ross O'Leary confirmed the exchange "temporarily suspended withdrawals on multiple networks" as a precautionary measure, while Bitcoin and Ether prices dipped 2.5% and 3.5% respectively.
- Estimates of the potential theft range from $1.7 billion to $5.7 billion, while Binance warned users to avoid unofficial links or requests for account information during the investigation.
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Crypto giant Binance hit by 'largest hack in history'
The world’s largest cryptocurrency platform has been hit by one of the most severe hacks in history, affecting several billion dollars of digital assets and forcing it to freeze customer accounts. Binance said on Thursday that some $6.3bn (£4.7bn) had been impacted by the attack, half of which has been frozen but still in its [...]
The platform suspends withdrawals of funds following a security breach originating in the laptop of an engineer that has caused a widespread collapse in international markets
Binance has undertaken to cover the losses after the hack that would have occurred through the computer of one of his technicians. More information: Internet is at the edge of the abyss with the PHP failure: why "the consequences will last months, even years"
Binance, the world's first cryptocurrency trading platform, has been the victim of a massive cyberattack. Some $6.3 billion of assets would be involved. The group promises to compensate users and claims to have already blocked several billion dollars.
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