India, Oct. 30 -- Cryptocurrency exchange Binance has reported a security breach affecting an estimated $6.3 Bn in assets, in what appears to be the largest crypto heist on record. The exchange said it has worked with blockchain partners to freeze around $3 Bn on-chain.

Binance has temporarily suspended withdrawals while it completes security checks. It has also revoked the affected address authorisation and engaged law enforcement and blockchain intelligence firms to trace and recover funds. Withdrawals are expected to be restored in the next 48 hours, Binance said.

The exchange said it would cover all losses through its Secure Asset Fund for Users (SAFU) and company funds. It also plans to publish updated proof of reserves after compl...