CoinDesk
Binance suffered an estimated $6.3 billion hack, described as probably crypto’s largest theft, with around $3 billion subsequently frozen. The exchange blamed a potentially compromised employee laptop, pledged to cover all losses and suspended withdrawals. Investigators linked the attack to North Korea.
Why it matters
The scale of the reported theft and the suspension of withdrawals put exchange security and user access at the center of the story. Binance’s pledge to cover losses is a response to the breach, while the frozen funds represent part of the reported aftermath.
Market impact
The security shock landed alongside a wider tech selloff. The Invesco QQQ fell more than 2% as concerns about AI spending overshadowed strong corporate earnings. Intel plunged about 25% after hours despite 21% revenue growth to $16.51 billion. Data center and AI revenue jumped 78%, but supply bottlenecks and PC weakness clouded its outlook. Intel also raised planned 2026 capital expenditure to $20 billion.
Gold slipped below $4,000 an ounce, down almost 1%, while silver fell 3% to around $50. The combination of a major crypto breach and pressure across tech and metals marks a broad risk-off session.
Frequently asked questions
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How much was Binance’s reported hack, and how much was frozen?
The hack was estimated at $6.3 billion, with around $3 billion subsequently frozen.
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What did Binance say about covering losses?
Binance pledged to cover all losses and suspended withdrawals after the hack.
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What did investigators link the Binance attack to?
Investigators linked the attack to North Korea.
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Why did Intel shares plunge despite revenue growth?
Intel plunged about 25% after hours as weak fourth-quarter guidance, supply bottlenecks and PC weakness clouded its outlook.
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How did markets beyond crypto and tech perform?
The Invesco QQQ fell more than 2%, gold slipped below $4,000 an ounce, and silver fell 3% to around $50.
Benjamin Cowen
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