Binance halts transactions after a hack that may be the biggest ever (opens the source in a new tab)
- Binance suspended all deposits and withdrawals after hackers appeared to take at least $3bn, which would be the largest crypto theft on record, the WSJ reports. The exchange says user funds are safe and users will be made whole.
- Tether and Circle froze part of the stolen Stablecoin A cryptocurrency designed to hold a fixed value, usually one US dollar, backed by reserves., and analysts at TRM Labs and Pangolin Intelligence blame a North Korean hacking group. Some trackers put the haul far higher; Binance's US arm says it is unaffected.
Why it matters Exchanges that hold customers' coins are vaults with a public address; one breach can dwarf any bank robbery. The quick freezes also show stablecoin issuers acting like crypto's central banks.
Other side Early tallies swing by billions, and freezes plus Binance's insurance fund may shrink the final loss. And issuers that can freeze a hacker's coins can freeze anyone's.