Binance confirms crypto heist, biggest in history, but no one’s sure what broke

Crypto exchange Binance has confirmed today that they are currently investigating what is believed to be the biggest crypto hack in history—estimates peg this to around $5.7 billion in users’ crypto funds taken out of wallets on the platform, this Thursday. Binance co-founder Yi He said in a social media post that the crypto exchange had suspended deposits and withdrawals for now. “User funds are safe, Binance will cover all hacking losses.”

Binance’s Yi confirms the exchange is working with law enforcement agencies (though she didn’t specify if it’s a multi-country coordination) alongside security checks. “We will share a full post-mortem once the investigation is complete.