Binance Hit by $6.3B Hack, Pauses All Deposits and Withdrawals

The scale here is the story: a breach large enough to force a full halt on deposits and withdrawals tests the exchange's promise to absorb losses without passing them to users. That commitment, not the hack itself, is what counterparties across the market will be judging. The timing compounds it — the breach lands alongside a broad tech selloff, so crypto's operational risk is now colliding with wider risk-off sentiment. The open question is how quickly deposit and withdrawal functions resume, and whether the pledge to cover losses holds without straining confidence in the exchange.