Binance reports suspected hack affecting $6.3 billion in crypto

Reported by 10 outlets · first reported Oct 29, 9:51 PM ET

Binance said a security incident affected about $6.3 billion in assets. It froze roughly $3 billion and promised to cover all losses.

Why it matters

Millions of crypto users and the wider crypto market are exposed to losses and price swings.

Binance is the world's largest cryptocurrency exchange by trading volume. Exchanges hold customers' coins and are frequent targets of hackers.

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