Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Analysts said the exchange had been subjected to an unprecedented attack with “never-seen-before” laundering patterns as the hackers made off with assets worth billions of dollars.

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[–] 7 points 5 days ago

Something like this was inevitable when people accepted being so complicit in crowdsourcing financing heavily biased towards the black market. Presumably the “never-seen-before” laundering patterns were actually the well known crypto money laundering efforts that exist that just trade and launder the pilfered crypto via high speed high frequency trading for "legit" blocks.

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