Hackers have stolen $6.3 billion U.S. from Binance, the world’s largest cryptocurrency exchange, in what’s being called the worst cryptocurrency attack ever.
The exchange says it has temporarily suspended all withdrawals while it assesses the security breach and the damage done.
Binance said it expects to begin resuming withdrawal services again within the next 48 hours.
The company also said that it will cover all losses from the $6.3 billion U.S. hack and make investors whole again.
Binance is able to cover all losses using its Secure Asset Fund, as well as company funds, adding that customer funds remain safe, said the company’s co-CEO Richard Teng
Teng added that there’s no evidence of any wallet private keys being stolen. The exchange is working with law enforcement and blockchain intelligence firms to recover the stolen funds.
The incident has shaken confidence in the safety and security of crypto, which many people believe is under threat from artificial intelligence (A.I.) and quantum computers.
Bitcoin (BTC) is down 4% and trading at to $77,400 U.S. following news of the hack.
Binance is privately held and its stock doesn’t trade on a public exchange. The company was founded by Canadian entrepreneur Changpeng Zhao (CZ) who is from Vancouver, B.C.
CZ has a degree from McGill University in Montreal. He founded Binance in 2017 and his net worth today is estimated at $67 billion U.S.
