Binance Says $3 Billion in Funds Were Frozen After Security Incident

Binance logo in an illustration taken on March 31, 2023. Dado Ruvic/Reuters/IllustrationCrytocurrency exchange Binance said on Oct. 29 that approximately $3 billion in crypto assets had been frozen following a security incident potentially linked to an engineer’s laptop.Binance said that a hacker may have gained access to a service container through an engineer’s compromised laptop and submitted unauthorized withdrawal transactions.The exchange put the total estimated impact at around $6.3 billion following the incident. Binance said it had coordinated with blockchain partners to freeze affected assets.“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,” it said in a statement on X.Binance said user funds remained safe and pledged to cover all losses. The exchange said it temporarily suspended deposits and withdrawals amid ongoing security checks. It also revoked authorization for the affected address in response to the incident.“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,” it stated.This is a developing story and will be updated.