NEW YORK TIMES · 2026-10-30 03:07 UTC

Binance Grapples With 'Security Incident' That May Cause $6.3 Billion in Losses

Binance suffered a security breach on Thursday resulting in an estimated $6.3 billion in losses, with founder Changpeng Zhao confirming it 'does look like a hack.' The company suspended all deposits and withdrawals, pledging to cover all customer losses; the breach may have occurred through a compromised engineer's laptop. The attack surpasses the February 2025 Bybit hack ($1.5 billion) as the largest crypto heist in history, prompting Tether and Circle to freeze over $2.3 billion in related assets.

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