Binance, one of the world's largest cryptocurrency exchanges, has disclosed that the total estimated impact of a recent cybersecurity breach on its platform stands at approximately $6.3 billion. The company announced that around $3 billion worth of assets have been frozen on the blockchain following coordinated efforts with industry partners.
Binance stated that all losses will be covered through its dedicated user protection fund, known as SAFU, as well as the company's own reserves, stressing that user funds remain fully secure. Preliminary investigations suggest the breach may have originated from the compromise of a computer belonging to an engineer responsible for the company's software and system infrastructure. Attackers are believed to have exploited this access to carry out unauthorized withdrawals.
The company confirmed that no evidence has been found indicating that private keys of cryptocurrency wallets were leaked. As a precautionary measure, deposit and withdrawal operations were temporarily suspended, the affected address had its access revoked, and Binance is cooperating with law enforcement agencies to recover the stolen assets.
Binance said it will publish a comprehensive technical report detailing the incident, along with updated proof-of-reserve data, once all investigations are concluded. Following news of the breach, the prices of Bitcoin and several other cryptocurrencies fell noticeably in global markets.
