Cryptocurrency exchange scrambles to freeze affected assets, with about $3bn located so far, and says it will cover losses

Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Analysts said the exchange had been subjected to an unprecedented attack with “never-seen-before” laundering patterns as the hackers made off with assets worth billions of dollars.

    • deHaga@feddit.ukEnglish
      14·
      2 days ago

      Crypto is not used as a currency, purchasing goods and services. It’s a speculative asset that’s used as a fiat debasement trade.

      Most of it is owned by the same banks that caused the crash that bitcoin was created to avoid. Pretty fucking ironic.