Binance estimates that the security incident on Thursday caused losses of approximately $6.3 billion, after initially identifying the compromised laptop of a DevOps engineer as a possible entry point. The investigation later uncovered “additional points of breach,” with chief executive Richard Teng describing a more complex attack than a simple use of an engineer’s permissions. About $3 billion in assets have been frozen onchain with the help of partners, while withdrawals remain suspended during the revamp of the service and deposits have resumed. Binance said it will cover all losses through its SAFU emergency fund and company funds, as law enforcement and blockchain analytics firms continue working to recover the stolen funds.
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