A security breach at cryptocurrency trading platform Binance has caused an estimated $6.3 billion in losses, which analysts have described as the largest cryptocurrency theft ever, and may cause investors to reconsider the risks of owning digital assets.
The Binance platform indicated on Thursday that it has cooperated with its partners to freeze the affected assets by locating about $3 billion so far, and has not provided updates on the status of the remaining $3.3 billion. Yi, one of the platform's founders, said the company would bear "all losses from the hack."
The platform stated that preliminary investigations indicate that the hack may have started by infiltrating a laptop belonging to one of its engineers, which allowed the attacker to access one of the company's systems and make unauthorized withdrawals. At the start of trading in Asia on Friday, the price of Bitcoin fell more than 3% to its lowest level in six weeks and stands at $76,368, in addition to the fact that the price of Ether also fell by more than 3% to its lowest level in two months and stands at $2,178.
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