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Industry News

Binance Customers Withdraw $4.72 Billion Following Record Cyberattack as Operations Stabilise

Binance customers have withdrawn a net $4.72 billion following a record $6.3 billion cyberattack, representing approximately 3 percent of assets held on the platform. The cryptocurrency exchange reported that withdrawals are stabilising and recorded $2.7 billion in deposits since operations resumed on Sunday. Co-CEO Richard Teng stated at Hong Kong Fintech Week that the firm remains in a strong financial position and has replenished 95 percent of affected assets.

Industry News

Binance Reports $6.3 Billion Security Breach and Freezes $3 Billion in Crypto

Cryptocurrency exchange Binance reported a security breach affecting an estimated $6.3 billion in digital assets, with roughly $3 billion frozen so far. A preliminary investigation suggests an attacker accessed internal systems via an engineer's laptop, though private keys were not compromised. The platform temporarily suspended deposits and withdrawals and pledged to cover all losses.

Industry News

Stablecoins Reshape Cross-Border Settlement Across Middle East-Asia Financial Corridor

Financial institutions and payment networks are increasingly testing stablecoins to streamline cross-border payments and corporate treasury operations across the Middle East and Asia. Speakers at the FAB Middle East-Asia Summit in Singapore highlighted that early digital-asset regulations in the UAE and Singapore provide strong testing grounds for connecting regional financial systems. Industry leaders noted that digital currencies are evolving alongside conventional banks rather than replacing traditional financial infrastructure.