Up to $8.9b stolen from Binance in largest ever cryptocurrency hack | ABC NEWS

Binance Crypto Hack

Binance, the world’s largest cryptocurrency exchange, processes around 40% of global crypto trading. The company confirmed it was targeted in what is being described as the largest cryptocurrency hack on record, with an estimated US$6.3 billion in funds affected—far above the previous record of about US$1.5 billion.

What happened

Early investigations suggest attackers may have gained access through an employee’s laptop, then moved funds from internet-connected “hot” wallets into newly created wallets. The activity was first noticed by observers outside Binance, who saw unusually large transfers.

The investigation is still under way, and the total amount ultimately lost remains uncertain. Some funds were reportedly frozen in stablecoins and could be recovered or rendered inaccessible.

Binance’s response

Binance temporarily suspended deposits and withdrawals while it secured its systems. The company said users’ funds were safe and that it would cover any losses, including from its own reserve fund.

The incident has unsettled crypto markets.

Possible use of AI

It is not yet known whether artificial intelligence was used in the attack. The report notes that cyber attackers increasingly use AI. Security experts have also described a wider rise in AI-enabled attacks as “Black October,” with vulnerabilities being found faster than security teams can respond.

Presenters and contributors

• An unnamed ABC presenter/interviewer
• An unnamed cybersecurity commentator