Following a security incident estimated at $6.3 billion, Binance pledged to cover all customer losses using its SAFU fund and additional company funds. The investigation found a complex attack involving several breach points rather than the isolated use of an engineer’s permissions or a single click. The platform temporarily suspended withdrawals, revamped its withdrawal service, revoked authorizations for affected addresses and asked law enforcement and blockchain intelligence firms to help recover the funds. About $3 billion was frozen on-chain, while Binance said it found no evidence of a private key leak. The incident drew public criticism and market turmoil, with bitcoin briefly falling to $76,300, nearly $479 million in positions being liquidated and another $363 million in ETH liquidations.
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