Binance Suspends Deposits and Withdrawals After Record $6.3 Billion Crypto Theft
publishers 20articles 20first reported 29 Oct, 21:38 UTCdeveloping since 30 Oct · 3 editions
Binance suspended deposits and withdrawals after attackers stole at least $6.3 billion in cryptocurrency from the exchange’s wallets, in what researchers described as the largest known crypto theft.
Binance said its initial investigation indicated that attackers compromised an engineer’s laptop, gained access to a service container and submitted unauthorized withdrawal transactions. The company said it had found no evidence that its private keys were exposed and maintained that customer funds were safe. It said it would publish updated proof of reserves after completing remediation.
TRM Labs assessed with “high confidence” that TraderTraitor, a hacking group linked to North Korea, carried out the attack. According to the firm, assets were taken across 10 blockchain networks, with most transferred within about 20 minutes after preparations that began at least 36 hours earlier.
Estimates of frozen assets varied. Binance told TechCrunch that industry partners had frozen about $3 billion, while TRM Labs put the figure at roughly $2.7 billion and said the attackers still controlled about $2.4 billion in Bitcoin and Ethereum. Binance said it had begun recovering assets and was working with law enforcement, cryptocurrency issuers, blockchain intelligence firms and other industry partners to trace and freeze additional funds.
The exchange said it planned to restore withdrawals within two days and had set aside more than $6 billion in company funds to cover customer losses.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 18 h after the record first saw the story; the editor revised it.
- Publishers
- 20
- Source articles
- 20
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- This version written
- 18 h after the record first saw the story
- Second model (editor)
- revised
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and changed it before publication. Struck words were in the draft; underlined words are its corrections.
WHAT IT FLAGGED editor revise: Delete the unsupported statement about the absence of public confirmation by U.S. authorities. - "The attribution has not been confirmed publicly by U.S. authorities.": None of the supplied sources states that U.S. authorities have not publicly confirmed the attribution.
THE DRAFT AND THE CHANGES
Binance Suspends Deposits and Withdrawals After Record $6.3 Billion Crypto Theft
Binance suspended deposits and withdrawals after attackers stole at least $6.3 billion in cryptocurrency from the exchange’s wallets, in what researchers described as the largest known crypto theft.
Binance said its initial investigation indicated that attackers compromised an engineer’s laptop, gained access to a service container and submitted unauthorized withdrawal transactions. The company said it had found no evidence that its private keys were exposed and maintained that customer funds were safe. It said it would publish updated proof of reserves after completing remediation.
TRM Labs assessed with “high confidence” that TraderTraitor, a hacking group linked to North Korea, carried out the attack. According to the firm, assets were taken across 10 blockchain networks, with most transferred within about 20 minutes after preparations that began at least 36 hours earlier. The attribution has not been confirmed publicly by U.S. authorities.
Estimates of frozen assets varied. Binance told TechCrunch that industry partners had frozen about $3 billion, while TRM Labs put the figure at roughly $2.7 billion and said the attackers still controlled about $2.4 billion in Bitcoin and Ethereum. Binance said it had begun recovering assets and was working with law enforcement, cryptocurrency issuers, blockchain intelligence firms and other industry partners to trace and freeze additional funds.
The exchange said it planned to restore withdrawals within two days and had set aside more than $6 billion in company funds to cover customer losses.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →