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At a glance
The cryptocurrency exchange has frozen around $3bn of affected assets and will cover all losses, with North Korea identified as the likely culprit
What the briefing reports
Binance, the world's largest cryptocurrency exchange, has been hit by a record $6. 3bn hack, with around $3bn of affected assets located and frozen so far. The company has stated that it will cover all losses resulting from the hack, which is believed to be the largest in history.
According to Binance's co-founder Yi He, the company is working to locate the remaining affected assets, valued at around $3. 3bn. The hack has been attributed to a North Korean hacking unit, with some reports suggesting that an engineer's laptop had been compromised, allowing the hackers to gain access to the exchange's systems.
As a result of the hack, Bitcoin prices fell by 5%, highlighting the potential impact of such incidents on the wider cryptocurrency market. Binance has assured its users, who number over 300 million globally, that it will take steps to prevent such incidents in the future and will work to restore confidence in the exchange.
Cited sources
Updates and corrections
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