Binance withdrawals frozen after thieves steal $5.6 billion in crypto in record-breaking cryptocurrency heist — firm says it will cover losses as stablecoin networks move to freeze $2.4b in stolen assets

In yet another high-profile cybersecurity incident this month, Binance.com has been compromised, with thieves making off with $5.6 billion in various cryptocurrencies. The exchange has suspended withdrawals until the situation is resolved, though it has repeatedly stated that "user funds remain safe" and that it "will cover all losses."

The U.S.-specific Binance.us website has reportedly remained unaffected by the breach. This incident comes during what some are calling "SpookITober," a month marked by significant cybersecurity events.

Complex Attack

The company described the breach as a "complex attack" that initially appeared to involve a compromised laptop but was later found to have additional points of entry. Binance is working with law enforcement to resolve the situation and continues to gather facts about the incident.

Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach. This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it.