THE FINTECH TIMES: Binance's $6.3bn hack: one laptop, and a warning for every bank
78/100·AShort
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4/ FOMO went live on @RobinhoodCrypto and @BNBCHAIN with Model Token staking available.
Model Tokens are valued by real inference usage on FLock API Platform. Model users can stake those Model Tokens to earn rewards from their spending.
AI usage is the new yield.
https://x.com/flock_io/status/2095810360343503060
Reply to @flock_io: 3/ We released THIS / THAT Model: a 1.88B-parameter open-source decision model for ultra fast decision making in AI agents and apps built with @Alibaba_Qwen and @alibaba_cloud.
On our public benchmark, v1.2 scored 87.8%, ahead of Claude Opus 5 and GPT-5.6 on a laptop GPU.
2.5M+ decisions in its first 3 weeks.
https://x.com/flock_io/status/2103023370438873427
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meme11/3meme
3/ We released THIS / THAT Model: a 1.88B-parameter open-source decision model for ultra fast decision making in AI agents and apps built with @Alibaba_Qwen and @alibaba_cloud.
On our public benchmark, v1.2 scored 87.8%, ahead of Claude Opus 5 and GPT-5.6 on a laptop GPU.
2.5M+ decisions in its first 3 weeks.
https://x.com/flock_io/status/2103023370438873427
Reply to @flock_io: 2/ ⚒️ Product:
We opened the quarter with FLock Chat, a private AI chat powered by FLock API Platform.
No login. No chat history on any server. Conversations, files and context stay in your browser.
Private AI chat is no longer a niche request.
https://x.com/flock_io/status/2072305964859154636
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Eyes on the Market: The Biggest Hack Ever
BTC fell 2.83% to $77,785 and ETH fell 2.82% to $2,261. Both rose into Wednesday's close, then lost 5.53% and 5.22% by Friday's close. They bounced about 1% over the weekend.
Binance hacked for $6.3B. It is the largest crypto theft on record. Binance set aside $6.34B of company funds to cover it, and about $3B has been frozen on-chain.
ICE plans to bring Hyperliquid perps onshore. It signed a definitive agreement with Trade[XYZ] and took a minority stake, pending regulatory approval. ICE deleted and reposted a softer X post on Saturday; the press release stayed unchanged.
The Fed held 10 to 2, with two dissents for a hike. Warsh refused to comment on December. Q3 GDP printed at 3.4%, above the 3.0% consensus.
ETFs reversed. BTC ETFs lost $202.4M after four inflow days. ETH ETFs posted a fifth straight outflow week at $431.4M.
Risk Off Into a Record Hack
BTC opened Monday at $80,053 and closed Sunday at $77,785, down 2.83%. ETH fell 2.82% to $2,261. Total crypto market cap ended Sunday at $2.68T.
Both assets rose into Wednesday. BTC closed at $81,260, up 1.51%, and ETH at $2,359, up 1.37%. The decline started before the hack. BTC was down 1.47% by Thursday at 8am ET, ahead of the GDP print and about 12 hours before funds began leaving Binance. It closed Thursday down 3.10% from Wednesday and hit a low of $76.3K on Friday.
Equities and gold also fell. The S&P 500 closed Friday’s cash session down 0.94% from Monday’s open and the Nasdaq Composite down 2.27%. On weekend futures they sat down 0.74% and 1.87% by Sunday. Gold fell 2.87% to $3,886, including a 3.27% drop on Friday alone. Brent rose 1.11% to $111.84, the only tracked asset up on the week.
Events of the Week
Binance loses $6.36B in the largest hack on record
Binance’s hot wallets were compromised at about 4:05pm ET on Thursday, a loss of about $6.3B in assets. Binance suspended withdrawals and, for a time, deposits. Its initial investigation pointed to a compromised laptop, with additional points of breach found since. It has found no evidence that wallet private keys leaked. The FBI attributed the theft to North Korea’s TraderTraitor unit, and Chainalysis and TRM Labs agree.
Binance says it will cover all losses and reports about 95% of affected assets replenished. Tether, Circle and Ripple froze funds, with about $3B frozen on-chain in total. Circle alone froze $823M. Withdrawals reopened in phases on Sunday, starting with BTC, then ETH and BSC. About 15 networks are live.
ICE plans to bring Hyperliquid perps to the US
On Thursday, ICE signed a definitive agreement with Trade[XYZ] to become the exclusive operator of US-regulated versions of its Hyperliquid-based perps across crypto, equities, commodities and FX, and took a minority stake in Trade[XYZ]. The retail venue will run separately from ICE's institutional futures and clearing business, with customers reaching it through FCMs, including ICE's joint venture with OKX. Nothing launches until regulators approve it. Stan Druckenmiller disclosed he is a Trade[XYZ] investor, and Elon Musk replied "interesting."
HYPE rose as much as 17% on Thursday and closed about 4% below its all-time high. PURR traded 111K options contracts, more than six times its 30-day average. On Saturday ICE deleted its X post on the deal and reposted it hours later with more conditional wording: the companies now "plan to bring" the perps, "subject to regulatory approvals." The press release stayed up unchanged. HYPE dipped on the deletion and recovered after the repost.
Fed holds 10 to 2 with two hawkish dissents
The Fed held rates at 3.75% to 4.00% on Wednesday, as Polymarket priced at 95%. Beth Hammack and Lisa Cook dissented in favor of a 25bp hike, and it was Cook’s first dissent. Warsh gave no forward guidance and said politics played no role in the decision, six days before the midterms. December hike odds sit at 70% against 77% last issue.
Q3 GDP printed at 3.4% annualized on Thursday, above the 3.3% GDPNow estimate and the 3.0% consensus. Core PCE rose 0.3% m/m and 3.1% y/y, in line.
Strategy: preferred vote passes, CFO leaves
Preferred holders approved daily dividend accrual with 99.3% in favor. STRC moves to daily accrual from November 1, and STRF, STRK and STRD follow on January 1. STRC's rate stays at 12%. Q3 net income was $19.5B, almost all of it an unrealized fair-value gain on BTC, while software revenue fell 3%. Strategy has repurchased 20.98M STRC shares for $2.04B. CFO Andrew Kang leaves on November 5, and MSCI publishes its final list on November 11.
Elsewhere:
Coinbase Q3 revenue was $1.22B, down about 35% y/y. It returned to a GAAP profit on a $715M unrealized crypto gain, and the stock fell about 2% after hours. It also disclosed a vendor breach that exposed customer contact details.
DTCC’s tokenization service went live with JPMorgan and Citi.
Google launched MPC crypto custody for banks.
Treasury Secretary Bessent said crypto regulation will move ahead “with or without Congress.”
Volatility, Positioning and Leverage
BVIV closed at 42.14 on Monday, up from 41.13 at last issue's close. Its 30-day range is 37.37 to 44.68, and the high sits above the October 14 CPI-day high. Deribit's BTC DVOL drifted from 38.79 at Monday's open to 37.26 by Wednesday while traders waited on the FOMC. It jumped to 41.99 at Thursday's close, hit intraday highs of 42.27 on Thursday and 44.25 on Friday, and closed Sunday at 40.28, up 3.8% on the week.
Aggregate futures open interest is at $137.5B, against $138.3B last issue, down 0.6%. Dollar open interest held flat while crypto prices dipped, so total coin-denominated open interest rose. Aggregate coin-denominated BTC open interest is 680K, against 671K last issue.
Liquidations totaled $2.82B for the week, and longs took $2.08B of it, 74%. Shorts were hit first, with $256.9M liquidated on Tuesday and Wednesday as BTC rallied into the FOMC. Longs were then flushed, losing $1.71B on Thursday and Friday, more than last issue’s $1.51B across Thursday to Saturday. Binance alone accounted for $1.35B of the week’s total, about half.
BTC ETFs Reverse on Friday as ETH Outflows Deepen
BTC and ETH ETFs lost $633.8M combined, against +$80.5M last week.
BTC: -$202.4M. Flows ran positive for four straight days: $110.3M Monday, $176.0M Tuesday, $137.3M Wednesday and $17.2M Thursday. Friday then lost $643.2M, the largest single-day outflow since June 25 (-$691.7M). It was the first session after BTC closed below the $78.1K level we flagged last issue, 7% under its 20-day high, where ETF flows have historically flipped from inflows to outflows. BTC hit its weekly low of $76.3K the same day.
For the week, IBIT took in $176.9M while every other fund combined lost $379.3M. For October, IBIT sits at +$932.1M and the rest at -$1,448.0M, leaving the month at -$515.9M, the first outflow month since June. Year-to-date flows are +$453.9M, down from +$656.3M a week ago and a 2026 peak of +$3.20B on May 6.
ETH: -$431.4M. This is the fifth consecutive outflow week and the third largest of 2026, behind -$600.7M (week of January 19) and -$542.2M (week of October 5). Friday was the largest daily outflow since October 7 (-$155.7M). Since September 28, ETH ETFs have lost $1.65B, up from $1.22B last issue.
October lost $1.61B across 19 of 22 sessions, the largest monthly outflow since launch in July 2024, ahead of November 2025 (-$1.42B). Year-to-date flows turned negative on Friday at -$30.9M, down from +$400.5M a week ago and +$1.62B on September 25. ETHA has not posted an inflow in 24 sessions (20 outflow days, four flat), -$1.43B in total; its last inflow was $15.4M on September 28. It lost $391.1M this week. FETH was the only fund with inflows, taking in $63.1M, all of it Monday to Thursday.
Read on the Market
It was a chaotic week. The market went from the high of the Hyperliquid x ICE announcement to the biggest hack in history, both on the same Thursday. Add a hawkish FOMC, potential US-Iran escalation and midterms that look set for a Democratic victory, and BTC still fell only marginally more than the Nasdaq. It’s still holding above the 50 week moving average that currently sits at 75.5K.
The first few months after a midterm have historically been choppy to slightly bearish for BTC, but it has been higher 12 months later every time. Cautious optimism is the approach we’re taking. History favors BTC on a 12-month horizon, but expect near-term volatility, especially if the war escalates and the AI trade keeps weighing on risk assets.
Key Events for the Week Ahead
Tuesday, November 3
US: midterm elections. Results come in overnight into Wednesday and open the lame-duck window for CLARITY.
Australia: RBA decision. A 25bp hike to 4.85% is expected.
Wednesday, November 4
US: ADP payrolls and ISM services.
Thursday, November 5
UK: BoE decision, 7am ET. A hike to 4.00% is expected, with a 7 to 0 to 2 vote split forecast.
Friday, November 6
US: October jobs report, 8:30am ET. September added 29,000 jobs and unemployment was 4.2%.(Consensus expectations: For fiscal 2027 Q1 (event date 2026-12-07), consensus expects EPS of 2.1 and revenue of USD 10.158 million.)
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@BrooksWhaleX Unlocking more performance from existing cards stretches every GPU. Local still has limits the cluster does not.
Reply to @BrooksWhaleX: 🚨 Everyone with an NVIDIA RTX card, you have to see this!!!
It's causing a real uproar overseas, but it hasn't spread much yet, so I'm sharing it!
→ A few days ago, NVIDIA's "AI compute limit" on RTX was unlocked by a newly released open source tool
→ It's called GPU-Unlock
→ No new graphics card, no overclocking. Just lifting the restriction
Gains so far:
→ RTX 3060: +78~99%
→ RTX 3070: +72~81%
→ RTX 3080: +68~73%
→ RTX 3090 Ti: BF16 +80%
→ RTX 4070 Ti: +83~84%
→ RTX 4090: specific Tensor nearly 2x
→ RTX 2080 Ti: +36~64%
→ It's not just the 3000 series. 20, 30 and 40 series, desktop and laptop, real world tests keep piling up right now
If you do AI image generation or run local LLMs, you'll feel it the most
Why it's blowing up:
→ There was locked away AI performance inside the RTX card sitting at home, and you could have been using it all along
The biggest suspicion right now:
→ NVIDIA intentionally nerfed FP16/BF16 to create tiers between GeForce and expensive professional GPUs
→ NVIDIA hasn't officially acknowledged it yet
Imagine learning your own card was throttled this hard.
100% open source.
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This story is more dramatic, but not true. ZachCBX did not say that.🤮
Reply to @AlphaWireHQ: 🚨 BREAKING: BINANCE ENGINEER HAD ROMANTIC RELATIONSHIP WITH NORTH KOREAN SPY BEFORE $6.3B HACK
New, unverified allegations claim that a Binance DevOps engineer was romantically involved with a North Korean operative and left their laptop unattended on the day of the attack.
The hack has previously been linked to a compromised engineer's laptop, while North Korean hackers have been implicated in the wider breach.
The romantic relationship and unattended-laptop claims are being attributed to ZachXBT online, but his original statement has not been independently verified.
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A Stanford student got reported for academic misconduct last semester.
His research paper was so good his professor assumed he bought it.
The academic integrity hearing lasted 3 hours.
Here's what happened in that room.
The panel asked him to explain his methodology from scratch. He opened his laptop, pulled up http://Kimi.com, and started rebuilding the entire paper live in front of them.
First he fed it his raw notes and asked: "You are a research methodology expert. Here are my raw notes. Identify the 3 strongest arguments buried in this data, rank them by originality, and show me exactly where each one challenges or extends existing literature."
The professors went quiet.
Then he ran: "Now simulate a hostile peer reviewer with a PhD in this field. Generate every serious objection they would raise against my thesis. Then tell me which objections actually have merit and which ones I can dismantle."
One professor leaned forward and asked him to stop so she could write down the prompt.
He kept going. "Take my weakest argument and steelman it harder than I did. Show me what it would look like if it were airtight. Then tell me what I'd need to prove to get it there."
Then the one that ended the hearing. "You are my thesis advisor. I have 24 hours before submission. Read this draft and tell me the single change that would move this from a B+ to an A. Be brutal."
He walked them through how he'd used that last output to rewrite his conclusion three times until it held up under every objection in the room.
What took most PhD candidates 6 months of back-and-forth with advisors, he was doing in real-time inside a single workflow.
The panel didn't just clear him.
They gave him the highest grade in the department's history and asked him to present the workflow to faculty.
The irony is beautiful. The paper looked too good to be human because he'd found a way to think harder than most humans bother to.
That's not cheating. That's the new ceiling.
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LAPTOP/USDT 180s Up 5.12% $0.0393 rose to $0.0413
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Binance Co-CEO: Attackers Used Self-Destruct Mechanisms, Making the Hack Harder to Trace
Binance Co-CEO Richard Teng @_RichardTeng updated the investigation into the roughly $6.3 billion hack on October 30, saying multiple people were involved. Investigators initially suspected a compromised laptop but later found other entry points. Attackers used self-destruct mechanisms to erase tools and traces, complicating the investigation.
Teng said they used EIP-7702 to gain on-chain execution authority over a hot wallet without passing Binance's normal approval controls. Binance paused withdrawals to rebuild and test its systems, targeting restoration within 40 hours. It is also working with law enforcement to trace and recover stolen funds.
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Binance Co-CEO: Attackers Used Self-Destruct Mechanisms, Making the Hack Harder to Trace
Binance Co-CEO Richard Teng @_RichardTeng updated the investigation into the roughly $6.3 billion hack on October 30, saying multiple people were involved. Investigators initially suspected a compromised laptop but later found other entry points. Attackers used self-destruct mechanisms to erase tools and traces, complicating the investigation.
Teng said they used EIP-7702 to gain on-chain execution authority over a hot wallet without passing Binance's normal approval controls. Binance paused withdrawals to rebuild and test its systems, targeting restoration within 40 hours. It is also working with law enforcement to trace and recover stolen funds.
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Security Incident Update #2 (2026-10-30)
Fellow Binancians, Over the past 24 hours, our teams have been working around the clock to respond to a serious security incident involving unauthorized withdrawals of funds. At around 2026-10-29 20:05 (UTC), our hot wallets were compromised, resulting in a loss of approximately $6.3B USD worth of token assets. We recognize the seriousness of this incident and the concern it has caused across our community. We are treating this as our highest priority. We have been working non-stop on security investigation, infrastructure system upgrading, fund loss prevention and recovery. In this update, we want to give a clear summary of what has been done in the last 24 hours and what we are working towards. We want to be clear about our commitment: Binance will absorb the financial impact of these stolen funds, not our users. Protecting Our Users Our first priority is to ensure that users are protected. Binance will cover all stolen funds related to this incident through our Secure Asset Fund for Users (SAFU) and our corporate treasury. We have already set aside more than $6.34B in company funds, with $5B held in the exact impacted token assets that were stolen, such as USDC, USDT, BTC, ETH, BNB, etc. This means that we have already covered approximately 80% of the impacted amount. We are actively buying the remaining relevant token assets through market and OTC channels. We will continue to provide updates on the progress on our official channels. What We Have Done Since identifying the incident, we have taken immediate action to contain the threat and strengthen our security posture. We have: Contained the compromised infrastructure, revoked affected authorizations and implemented additional controls to prevent further unauthorized activity. Worked with law enforcement, blockchain intelligence firms, asset issuers and industry partners to trace and freeze affected assets. Approximately $3 billion has been frozen on-chain to date. Further recovery efforts to follow. Strengthened security checks across affected infrastructure. Temporarily suspended withdrawals while conducting additional security reviews, implementing remediation measures and validating the integrity of affected systems. Deposits and other unaffected platform services remain operational. Continued working to restore withdrawal services safely. What We Have Learned So Far Our tech and security teams are still deep in the investigations of this complex hack. Our initial investigation suggested that the incident may involve a compromised laptop, however, our subsequent investigation has uncovered additional points of breach. At this stage, we have found no evidence that wallet private keys were leaked. The investigation remains ongoing. We are working with internal and external security experts to establish the full attack sequence, identify all contributing factors and determine the appropriate measures to prevent similar incidents. We expect to share further technical findings within about 48 hours once they have been verified and their disclosure will not compromise ongoing investigative efforts. What’s Next We are focused on four immediate priorities over the next few days: Restoring Withdrawals: The tech team targets to start resuming the withdrawal service within approximately 34 hours, subject to the completion of security checks. This will proceed on a phased approach. We will provide updates as each phase becomes available. Strengthening Transparency and Verification through the Proof of Reserves: We are buying the remaining 20% of the lost token assets. We plan to run an initial Proof Of Reserves snapshot in 12 hours and have the result ready by Monday 2026-11-02. These reports will provide users with an updated view of platform asset holdings and the corresponding backing of user balances. So you can verify for yourself of the latest account balances on our platform. Recovering the frozen stolen funds: We are working with law enforcement, blockchain intelligence firms, token issuers and other exchanges to trace and recover stolen funds. We will pursue all available avenues to identify those responsible and hold them accountable. Publishing an incident post mortem report: We are conducting a full security review and we will provide a detailed technical report outlining what happened, the lessons learned and the additional safeguards being implemented. Our Commitment We take full responsibility for addressing this security incident, strengthening our security infrastructure, and ensuring our users are protected. For verified updates, please follow Binance's official channels only, or contact us directly through the official Customer Support. Thank you for your patience and continued trust as we work through this. Yi and Richard Co-CEOs of Binance 2026-10-30 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on Telegram WhatsApp X Facebook Instagram Discord Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
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Crypto News - 30 October 2026
Binance reported a security breach on October 29 involving an estimated $6.3 billion in stolen assets, potentially the largest cryptocurrency theft on record. The exchange said its initial investigation pointed to a compromised employee laptop, suspended withdrawals, and pledged to cover customer losses, while approximately $3 billion in affected assets had been frozen. Bitcoin and Ethereum fell sharply as the incident intensified selling pressure across digital asset markets. The Fear & Greed Index dropped to 30 (Fear) on October 30, down from 51 the previous day and 50 a week earlier. A month ago, the index stood at 71 (Greed), highlighting the sharp deterioration in investor sentiment amid heightened security concerns and market volatility.
U.S. Regulator Encourages Community Banks to Issue Stablecoins
The Office of the Comptroller of the Currency (OCC) called on U.S. community banks on October 26 to explore issuing payment stablecoins and participating in the growing digital payments market. The regulator encouraged smaller financial institutions to seek authorization directly or through subsidiaries under the GENIUS Act, bringing community banks into a sector increasingly served by cryptocurrency companies and larger institutions. New federal stablecoin requirements are scheduled to take effect on January 18, 2027, with application procedures still being finalized. The announcement comes amid concerns from banking groups that interest-bearing stablecoins could attract deposits away from traditional lenders. The OCC's initiative highlights the expanding role of regulated financial institutions in blockchain-based payments and digital dollar infrastructure.
Polygon and Solana Partner to Connect Stablecoin Payments With Banks
Polygon Labs announced on October 29 that it is integrating Solana into its Open Money Stack payments infrastructure, allowing businesses to connect stablecoin transactions with traditional bank accounts and global payout networks. The integration provides access to bank funding, digital wallets, cross-chain transfers, and payment services through a single framework without merging the two blockchains. Cross-border payments provider Kira is among the first businesses using the integration to facilitate dollar-denominated supplier payments. The partnership reflects growing demand for infrastructure connecting blockchain settlement with existing financial systems. By reducing the need for separate integrations across different networks, the companies aim to make stablecoin payments more accessible to banks, payment providers, and businesses.
U.S. spot Bitcoin ETFs began Monday with $110.3 million in net inflows, entirely driven by BlackRock's IBIT. Tuesday brought stronger demand with $176.0 million in net inflows, led by IBIT ($151.5 million) and Fidelity's FBTC ($24.5 million). Wednesday continued the positive trend with $137.3 million in net inflows, including $136.0 million from IBIT and $1.3 million from Bitwise's BITB. Thursday saw inflows moderate to $17.2 million as IBIT ($12.8 million), FBTC ($10.5 million), BITB ($8.8 million), and MSBT ($4.2 million) offset withdrawals from Grayscale's BTC ($15.3 million) and WisdomTree's BTCW ($3.8 million). Overall, Bitcoin ETFs recorded approximately $440.8 million in net inflows across Monday through Thursday, marking four consecutive sessions of positive institutional demand despite broader cryptocurrency market weakness. Friday's figures remain incomplete and are awaiting final issuer reporting, including IBIT.
U.S. spot Ethereum ETFs opened Monday with $88.6 million in net outflows, driven by $104.7 million in withdrawals from BlackRock's ETHA despite $16.1 million in inflows to Fidelity's FETH. Tuesday extended the decline with $60.2 million in net outflows, as ETHA lost another $93.3 million while FETH attracted $28.6 million and Grayscale's ETH added $4.5 million. Wednesday saw selling pressure moderate to $21.4 million in net outflows, with ETHA ($44.8 million) partially offset by FETH ($18.8 million), MSSE ($1.0 million), and ETH ($3.6 million). Thursday recorded the week's heaviest selling at $105.5 million in net outflows, led by ETHA ($71.7 million), ETHB ($15.6 million), and ETHE ($15.5 million), alongside $5.6 million in withdrawals from ETH. Overall, Ethereum ETFs recorded approximately $275.7 million in net outflows across Monday through Thursday, reflecting sustained institutional selling pressure despite continued inflows into FETH. Friday's figures remain incomplete and are awaiting final issuer reporting, including ETHA.
Cryptocurrency markets experienced a broad weekly downturn, with all 13 tracked assets posting negative seven-day returns. Loan Protocol (LOAN) was the strongest relative performer, declining just 2.4%, followed by XPR Network (XPR) and Metal Blockchain (METAL), which each fell 3.6%. Metal DAO (MTL) declined 4.4%, while Stellar (XLM) and XRP each lost 5.0%, outperforming Bitcoin (-5.6%) and Ethereum (-6.9%). Litecoin (-5.1%) and Dogecoin (-5.7%) also held up comparatively well, while Solana (-9.8%) and Cardano (-11.2%) were among the weakest performers. The results highlight the relative resilience of several Metal Pay-supported assets during a volatile week marked by renewed selling pressure and heightened market uncertainty.
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Intel CEO reveals a PC problem as Goldman cuts stock target. The real squeeze may reach your next laptop
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Single. Points. Of. Failure.
The $6.3B @binance hack is the biggest proof yet that centralized security models are broken.
One compromised DevOps laptop.
One service container.
Billions in unauthorized withdrawals.
No private keys leaked. No cryptography broken.
The attackers didn’t need to break the math. They only needed one machine the system already trusted.
And Binance isn’t alone. Bitget, KelpDAO and Drift lost close to $1B between them this year, all through the infrastructure around the keys.
Different targets, same flaw: one point of trust, and nothing independent to check it.
Now imagine what happens when quantum computers no longer need to steal the keys, because they can derive them.
Our security systems need an upgrade, just like blockchains need to become post-quantum.
Nothing changes if nothing changes.
If only someone was tackling this 😉
We sincerely hope no one has been affected by this event. Brighter days are coming.
Technology is evolving, and so must its security.
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BINANCE HIT BY RECORD $6.3 BILLION CRYPTO HACK
Binance reportedly lost $6.3 billion after hackers compromised an engineer's laptop and drained funds in roughly 20 minutes.
Investigators linked the attack to North Korea's TraderTraitor hacking group.
Around $3 billion has been frozen, with assistance from Tether and Circle.
Binance says it will cover customer losses and expects to resume withdrawals.
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URGENT: Binance Links Security Incident to Employee Laptop Hack
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BINANCE DISCLOSES $6.3B SECURITY BREACH FROM COMPROMISED DEVOPS ENGINEER LAPTOP: BLOG
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Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far. Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has: temporarily suspended deposits and withdrawals while security checks are completed; revoked the affected address authorisation; engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.