This is a translation of the original article in Portuguese. Read the original (Português).
A hacker attack on the cryptocurrency exchange Binance resulted in the theft of about $6.3 billion in digital assets. Within 24 hours, customers withdrew approximately $4.7 billion from the platform. The information comes from the French newspaper Les Echos.
According to the newspaper, part of the diverted assets was frozen by stablecoin issuers. Stablecoins are cryptocurrencies pegged to a reference value, usually the U.S. dollar, and their issuers can block wallets linked to suspicious transactions, which makes it harder to move the stolen money.
The episode matters for Brazil. Binance is one of the largest exchanges in the world and has millions of users in the country. The rush to withdraw funds shows how quickly trust in a platform can collapse after an attack of this magnitude.
For people who hold cryptocurrencies on exchanges, the case highlights the risk of leaving money in the custody of third parties. When assets stay on the platform, it is the platform that controls the access keys, and a security failure or a wave of withdrawals can affect all customers at the same time.
A reader with cryptocurrency holdings can check where their assets are stored, whether the exchange offers any guarantee in case of losses, and what Brazilian regulation covers in situations like this. It is also worth knowing whether the company has a presence in the country and which customer service channels are available in case of problems.
The freezing carried out by stablecoin issuers is one of the few tools for a rapid response to this kind of theft. It does not automatically return the money to the victims, but it prevents the frozen portion from being used or converted into other assets.
Reporting from Les Echos (p. 38 (nacional)).
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