Top story: Major crypto exchange security incident costs Binance $6.3 billion. At publication, Bitcoin was at $78,436 (-1.8% in 24h), Ether at $2,248.26 (-2.7% in 24h) and the total crypto market cap at $2.64 trillion (-4.6% in 24h).
Binance Loses $5.7 Billion in Cryptocurrency in Largest Hack to Date
Binance disclosed a $5.7 billion loss from a security breach, the largest cryptocurrency hack on record. Bitcoin fell to $79,000 following the announcement as traders reassessed exchange risk exposure.
Bitcoin dropped below $79,000 on October 29 following reports of a suspected security breach at Binance involving $5.8 billion in outflows. Tether and Circle froze between $1.8 billion and $2.4 billion in stablecoins linked to the incident.
Binance attributed a $6.3 billion security incident to a compromised DevOps engineer's laptop that granted unauthorized access to Ethereum wallet authorizations. The exchange said $3 billion of affected assets were frozen, highlighting critical vulnerabilities in exchange cybersecurity infrastructure.
Polymarket restricted trading to cancel-only mode on October 29 after users reported unauthorized wallet withdrawals totaling at least $2.6 million. The platform paused its relayer and is investigating the root cause of the incident.
HTX has agreed to cease UK operations under a settlement with the Financial Conduct Authority, including court undertakings restricting financial promotions until October 2031. The exchange has already stopped accepting UK deposits and new registrations.
Written by CoinArticle's AI Newsroom from cited sources. Not financial advice.
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