Binance reveals that cybersecurity attack has an estimated impact of 5.6 billion euros

Binance reported a cybersecurity attack with an estimated impact of €5.6 billion. The platform will cover losses through its user protection fund and its own resources. Preliminary investigations suggest attackers accessed a system via an engineer's compromised laptop. Binance has not found evidence of compromised private keys and is working with partners to freeze affected assets. Deposits and withdrawals have been temporarily suspended, and the company is collaborating with authorities. The incident caused declines in major cryptocurrencies, with Bitcoin dropping over 3%. Founded in 2017 by Changpeng Zhao, Binance operates internationally after relocating from China.