Binance works with FBI and Secret Service after $6.3bn hack
The exchange is collaborating with US federal agencies to investigate a security breach that led to the freezing of $971m in stablecoins.
Key takeaways
- 1Binance is working with the FBI and Secret Service on a $6.3bn hack
- 2Tether froze $971m in USDT linked to the breach on 29 October
Binance said on 30 October it is working with the FBI and the US Secret Service following a reported $6.3bn crypto hack. The exchange confirmed the collaboration after reports of suspicious activity on its platform. This follows several days of speculation regarding the safety of funds held on the exchange.
Watcher Guru reported the involvement of federal agencies as the scale of the breach became clear. Tether previously froze $971m in USDT linked to the incident on 29 October. Coinbase CEO Brian Armstrong also said his team is assisting with the investigation into the stolen funds.
Binance is the largest cryptocurrency exchange by trading volume. If confirmed, the $6.3bn theft is the largest in the history of the digital asset industry. YourKhabri previously reported that Tether froze the USDT as part of an effort to contain the movement of the stolen assets.
Investigators are now tracking the remaining funds across multiple blockchains. The exchange has not yet provided a full timeline for when it will resume normal operations or if user funds will be fully reimbursed. Markets are watching for further statements from the FBI regarding the identity of the attackers.
Also reported by
- The Defiant
- CoinDesk
- Cointelegraph
- The Block
- Boss Bot News
- Bitcoin Magazine
- Decrypt
- Coinpedia
- Watcher Guru
- CoinGape
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.