THE GUARDIAN · 2026-11-03 14:46 UTC

Binance battles to save its brand after record $6.3bn crypto hack

Binance suffered a $6.3bn hack last week, likely by North Korean hackers, after a engineer's laptop was infiltrated and additional system breaches occurred. The exchange processed $3.6bn in net withdrawals and faces angry customers; Binance said it would cover all losses and froze about half the stolen funds. Crypto users lack formal deposit protections in most countries, and scammers are circulating fake compensation schemes; Binance's brand was already damaged by CEO Changpeng Zhao's 2023 guilty plea to anti-money laundering violations.

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