Binance hit by $6.3 billion hack blamed on North Korea

Binance said it will cover losses after hackers stole $6.3 billion from the cryptocurrency exchange, an attack analysts blamed on North Korea and described as potentially the biggest theft on record. The breach triggered a slide in crypto prices. Binance halted withdrawals and said it had frozen about $3 billion so far, working with partners to freeze more. It expects withdrawals to resume within 48 hours. Binance said customer funds were safe and that it set aside roughly $6.34 billion from company reserves, with co-CEO Yi He noting $3 billion is about 2% of total user assets and public reserves. Analysts from TRM Labs and Chainalysis said the theft occurred over about 20 minutes and involved a compromised approval system.