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On Thursday, about $6.3 billion was withdrawn from Binance wallets — the largest theft in crypto market history. The exchange has reserved $6.34 billion to compensate clients, but withdrawals for users still do not work.
Analytics firm Chainalysis (a company that tracks coin movements on the blockchain and works with exchanges and regulators) has traced the Binance hack: the attacker managed to convert about $325M into other assets to bypass blockades. In parallel, roughly $2.8B has been frozen in connection with the incident.
Binance co-CEO Richard Teng stated that no traces of a private key leak (secret access codes to wallets) were found. At the same time, 11 keys of the exchange's hot wallets (wallets connected to the network for fast payouts) signed transfers to the attacker's address. Withdrawals from the exchange are still halted.
Binance co-founder Yi He said withdrawals will begin to resume within 48 hours. The exchange halted withdrawals overnight after the attack, which it estimates caused $6.3 billion in damage, and promises to cover all user losses.
Indonesia's largest crypto exchange Indodax has suspended all deposit and withdrawal operations. The reason is a sharp increase in the number of cyberattacks on the platform. The announcement was made on October 29 at around 15:15-15:25 Moscow time.
FinCEN has withdrawn from consideration two major draft rules for cryptocurrencies: reporting on transfers to personal wallets from $10,000 and a separate control regime for crypto mixers. Both proposals had been under consideration for years but never came into force.
