Binance Also Breached... World's Largest Cryptocurrency Exchange Hacked for 700 Billion Won

Unrecovered Amount Approximately $100 Million
CEO Zhao Changpeng "Problem Resolved... Sorry for the Inconvenience"

The world's largest cryptocurrency exchange, Binance, has reportedly suffered losses exceeding 500 million dollars (approximately 710 billion won) due to a hacking attack. Photo by Yonhap News

[Asia Economy Reporter Kim Juri] Reports have emerged that Binance, the world's largest cryptocurrency exchange, has suffered losses exceeding $500 million (approximately 710 billion KRW) due to a hacking attack.

According to foreign media including The Guardian on the 8th (local time), Binance detected a hacking attack on the 7th and temporarily suspended trading and transfers.

Binance announced through its blog, "We are working to block vulnerable areas."

According to Binance, of the $570 million stolen, about $100 million has not been recovered.

Binance CEO Zhao Changpeng stated on Twitter, "The issue has been resolved and the funds are safe," adding, "We apologize for the inconvenience and will provide further updates accordingly."

Binance initially estimated the damage at around $100 million to $110 million, but later CNBC reported losses amounting to $570 million.

Recently, hacking attacks targeting virtual asset-related companies have been on the rise.

In August, Nomad suffered losses worth $200 million, and Harmony incurred approximately $100 million in losses due to a hacking attack in June.