Binance Lost Over $6 Billion in Crypto Hack. Heres What to Know.

Binance, the world’s largest cryptocurrency exchange, said on Thursday that hackers had stolen some $6 billion in digital coins in what could be the biggest crypto heist in history.The company said that it had halted withdrawals in response and that customers would get lost money back.While much about the hack is still unknown, details of how it happened and who might be responsible are beginning to come into focus.Here’s what to know about the incident.What is Binance?Binance is a marketplace for digital coins where customers can buy Bitcoin, Ether and other types of cryptocurrency.

The platform was created in 2017.As of this summer, it had more than 320 million users, according to the company.Like many crypto exchanges, Binance also allows customers to store their holdings with the expectation that it will keep their funds safe.Much of Binance’s success was built on offering risky services, like allowing investors to borrow money to place bets on the price of cryptocurrencies.

It also drew in customers by allowing them to trade anonymously, and for several years did not collect basic information that traditional companies require to deter financial crime.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....