00:00Binance, the world's largest cryptocurrency exchange by daily trading volume, has announced
00:05that a major hack affected assets worth an estimated 5.5 billion euros, around half of
00:11which was frozen to prevent a massive theft.
00:14The company posted contradictory announcements on social media saying that user funds are
00:19safe while also promising to cover all losses.
00:24Deposits and withdrawals were temporarily suspended while Binance carries out security
00:28checks and works with law enforcement.
00:31An initial investigation suggests a compromised laptop belonging to a development engineer
00:36may have allowed an attacker to access an internal system and make unauthorized withdrawals.
00:41Binance says there is no evidence that private keys were leaked.
00:46The estimated impact would be more than four times the value involved in the previous record
00:50crypto hack 1.3 billion euros taken from Bybit in February last year.
00:55Other crypto companies have also frozen funds linked to the incident.
01:00Tether says it has frozen about 1.4 billion while Circle says it has frozen more than 696
01:07million euros.
01:09Bitcoin and Ethereum fell sharply after news of the attack before recovering slightly.
01:15Binance's own BNB token fell by nearly 10% after the news broke.
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