Binance freezes $3 billion after suspected $6.3 billion hack

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Binance has suffered a security breach involving an estimated $6.3 billion in stolen assets, in what could be the largest cryptocurrency heist on record. Blockchain analytics firms TRM Labs and Chainalysis have attributed the attack to North Korean hackers.

The attackers targeted wallets across 10 blockchains and moved most of the funds within around 20 minutes, TRM Labs said.

The exchange said it had worked with industry partners to freeze approximately $3 billion of the affected assets. Binance co-founder Yi He said the company would cover all losses. The exchange also said customer deposits were unaffected and expected to resume withdrawals within 48 hours.

The news triggered losses across crypto markets on Friday. Bitcoin fell more than 3% to $76,368, its lowest level in six weeks, while Ether dropped more than 3% to $2,178, a two-month low. BNB declined 5% over 24 hours to $709.70, according to CoinGecko.