How Binance Lost $6.3B

Economic analyst Mohamed Hisham said a breach targeted Binance’s internal infrastructure—not the Bitcoin network or blockchain technology—and resulted in the theft of about $6.3 billion. The attack lasted 20 minutes and targeted more than 10 networks simultaneously, using malware to target asset-management systems and transaction signing, making the transfers appear legitimate. He added that freezing about $3 billion does not mean the funds have been recovered. Binance covered 90% of the affected assets using its own resources, user-protection funds and insurance. Whether the crisis has been overcome will be judged by whether withdrawals continue normally.

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