Binance Investigates Possible $5.7 Billion Crypto Hack
Crypto exchange Binance is investigating a suspected hack in which users reported upwards of $5.7 billion drained from wallets on Thursday afternoon, according to Axios.
Axios reported that Binance, a crypto exchange, is investigating what could be the biggest crypto hack in history. According to the Axios report on the Binance investigation, users saw upwards of $5.7 billion in funds drained from wallets on Thursday afternoon.
Axios reported that the suspected hack comes after a wave of high-profile cyberattacks and data breaches during what the outlet called "Black October." The summary said a series of hacks and AI-discovered bugs during that period had triggered fears of a global crisis.
The Axios summary did not describe how the funds were drained, which wallets or users were affected, or who may be responsible. It attributes the $5.7 billion figure to what users saw and does not say whether Binance has confirmed that amount.
Axios's headline describes the incident as a possible hack, and the summary says the exchange is looking into whether it could be the largest of its kind on record. The summary does not say when the investigation began or what stage it has reached.
This account rests on a single source, the Axios summary written by Sam Sabin, which is a partial excerpt of the full report. No other outlet's account was available for comparison, so the figures and descriptions here are presented as Axios's reporting and have not been independently confirmed.
Sources: Axios: Binance probes possible $5.7 billion crypto hack, possibly the biggest in history.