Biggest hack in history: Cryptocurrency giant Binance loses $6.3 billion

It's the world's biggest crypto platform, hit by what is thought to be the biggest hack in history. Hackers stole over $6 billion in cryptocurrency on Thursday. But Binance says around $3 billion in affected assets had been frozen. In a post on X, the trading giant said it would cover all losses from company funds and assured users that their funds were safe. This was a complex attack and we are doing all we can in coordination with law enforcement to resolve it. We are still gathering the facts and will share more directly as we have them. Binance will cover all losses from the SAFU fund and the company's funds. Binance said its initial investigation suggested the incident may have involved a compromised laptop, but after further digging uncovered additional points of breach and were working with law enforcement to identify the criminals. Binance is the world's biggest crypto exchange where users trade digital assets like Bitcoin and claims to control approximately 35% of the total market share. Crypto is a type of digital currency not controlled by centralized financial institutions and includes the likes of Bitcoin. But unlike platforms for trading stocks, cryptocurrency exchanges tend to hold digital assets on their users' behalf, which make them more vulnerable to hackers and theft, particularly given a lack of regulatory oversight. Many observers express worries that the ever-expanding capabilities of artificial intelligence models could compromise cryptography and IT security protocols. The heist is a major blow to the crypto world, and prices of most major cryptocurrencies fell on news of the cyberattack.