Gulf · UAE Digital
Live Reporting Edited by Jenna Moon and Sam Hancock A quick primer on Binance, the world's largest crypto exchange published at 07:30 GMT Image source, Reuters Binance is the world's biggest cryptocurrency exchange. Founded in China in 2017, it allows users to trade digital assets and has hundreds of millions registered users worldwide. The hacking incident concerns Binance.com, a centralised exchange that offers users a range of financial products and services.
Those include purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts and even lending. Binance.US, which provides trading services specifically for American residents - said its platform is not affected by the issue. The exchange has been subject of regulatory scrutiny around the world.
In 2023, Binance chief executive Changpeng Zhao resigned after pleading guilty to money laundering violations. Last year, a lawsuit in the US accused the company of helping send millions of dollars to US- designated terrorist organisations. The company said in 2024 that it has more than $160bn in assets under custody.
What we do - and don’t - know about the hack published at 07:24 GMT This story is still developing, with crypto giant Binance saying it is working with law enforcement to confirm the identity of the criminals. What we know How much was impacted: Binance says the hack involves $6.3bn (£4.7bn) of digital assets, with around half of those being frozen but many remaining in the hands of the hackers Assets have been frozen: Binance’s co-chief executive Yi He has said: "Safety first: withdrawals are currently disabled until the environment is confirmed to be secure" Other platforms have taken precautions: Two other major platforms, Tether and Circle, have said they’ve frozen a total of about $2.4bn of assets Binance’s response: The firm says it will "cover all losses" What we don’t know Who’s behind the hack: Two analytics firms have attributed the incident to a North Korean hacking unit called TraderTraitor, but Binance has not responded to the BBC’s queries about possible links to North Korea What it means for crypto investors: Bitcoin dropped by more than 4% following the alerts - but it is unclear whether security risks like this will impact longer-term sentiment towards it Crypto giant Binance hit by $6.3bn hack suspected to be largest in history published at 07:18 GMT Image source, Bloomberg via Getty Images Cryptocurrency giant Binance has said that $6.3bn (£4.7bn) of digital assets have been impacted by what could be the largest hack in history. The world's biggest crypto exchange says about half of those assets had been frozen but that many remained in the hands of the hackers, adding that it will "cover all losses".
Early checks show the incident may have involved an engineer's laptop that had been compromised, which allowed an attacker to make unauthorised withdrawals, Binance says. Two analytics firms have attributed the incident, which eclipses a record-setting $1.5bn hack on the Bybit exchange in 2025 , to a North Korean hacking unit called TraderTraitor. Binance did not directly respond to BBC queries about the incident's potential links to North Korea but said: "We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice." We’ll bring you more on this story.
Source: BBC
