In Other News · United States · Politics

Source: Axios

Crypto exchange Binance is investigating what could be the biggest crypto hack in history as users saw upwards of $5.7 billion in funds drained from wallets Thursday afternoon. Why it matters: The suspected hack comes after a wave of high-profile cyberattacks and data breaches during so-called "Black October," when a series of hacks and AI-discovered bugs triggered fears of a global crisis.Driving the news: Binance co-founder Changpeng "CZ" Zhao, who is no longer an executive at the company, said on X that the crypto exchange appears to have been hacked, although a company spokesperson says it's still investigating the matter. Analysts and traders who follow the crypto markets closely estimate that $1.7 billion to $5.7 billion was taken during the suspected cyberattack. "This is unprecedented," said Kevin March, a co-founder of JPEG Trading, a cryptocurrency trading firm that closely tracked the hack to monitor market conditions.Zoom in: Binance limited withdrawals and platforms including Tether and Circle froze more than $1 billion in cryptocurrencies, per Zhao. Such a step that would limit the scope of customer losses.Zhao and a Binance spokesperson said user funds are safe. The Binance spokesperson said the exchange's security teams are "reviewing all relevant information with urgency."The...