Binance announced on Friday, the 30th, that the investments of its Brazilian users remain safe despite a cyberattack that occurred on Thursday, the 29th, which culminated in the theft of US$ 6.3 billion, equivalent to approximately R$ 34 billion, in cryptocurrencies.
The exchange clarified that the assets of Brazilian clients are held in cold wallets, meaning access keys are isolated from internet connection. Furthermore, Binance confirmed compliance with Central Bank guidelines, which stipulate the segregation of client funds from those belonging to the company itself.
Although asset security is guaranteed, the platform temporarily suspended cryptocurrency withdrawals to conduct internal system checks. Binance classified this interruption as a preventive measure and estimates that withdrawals will be restored within 45 hours. Deposits were not affected, and other services of the exchange continue to operate normally.
In an official statement, the company emphasized that protecting its clients' virtual assets is its top priority and apologized for the inconvenience caused.
This incident caused a drop in the cryptocurrency market and also affected funds and companies related to the sector. Around 2:24 PM on Friday, quotes showed this downward trend.
It is important to note that the separation of resources required by the Central Bank does not negate the possibility of hacker attacks nor guarantee compensation for any losses. Additionally, cryptocurrencies are not covered by the Credit Guarantee Fund (FGC).
André Matos, CEO of MA7 Capital, pointed out that the most immediate risk for Binance clients is the temporary inability to access their funds, and not necessarily the definitive loss of investments.
The exchange committed to covering the losses using its emergency fund, own resources, and the stolen amounts that have already been blocked. However, Matos stressed that the company's ability to fully cover all losses still lacks independent verification.
He also warned that the coverage promise only applies to the stolen assets, not to the depreciation of asset prices. This means that investors whose cryptocurrencies were not directly targeted by the attack may suffer losses due to asset depreciation.
Celso Camilo, a doctor in Artificial Intelligence from the Federal University of Goiás (UFG), observed that those who use other platforms may not be exposed to the attack but may still feel the effects of the general market decline. He recommended that the first step is to identify where the cryptocurrencies are stored and which institution is responsible for custody.
According to Matos, those who keep assets in the Binance account are directly vulnerable to the problem. Conversely, those who use a personal wallet, controlling the keys exclusively, do not have these assets directly affected by the attack, although they remain subject to price fluctuations.
To mitigate risks, the expert suggests enabling two-factor authentication, keeping investment receipts, and being suspicious of messages promising to release withdrawals upon providing passwords or personal data. He also advised against concentrating all investments in a single exchange. For those planning to hold cryptocurrencies long-term, it is crucial to evaluate the use of a private, preferably physical, wallet with extreme care in protecting recovery phrases.
The theft is classified as the largest ever recorded in the cryptocurrency industry. American companies, TRM Labs and Chainalysis, indicated that the perpetrators would be hackers associated with North Korea. However, Binance informed that its investigation has not yet identified the criminals.
As reported by Reuters, the exchange is cooperating with law enforcement agencies from various countries, including the Federal Bureau of Investigation (FBI) and the U.S. Secret Service (USSS).
So far, about US$ 3 billion (R$ 16.2 billion) of the stolen crypto assets have been located. Part of these resources was blocked with the help of other industry companies, but this does not confirm the recovery of the money.
Initially, Binance suspected that the intruders had gained access to one of its engineers' computers. Later, the company disclosed having detected other vulnerabilities exploited by the criminals. According to TRM Labs, the hackers compromised the system responsible for authorizing cryptocurrency transfers.
Most of the theft occurred over an approximate period of 20 minutes, around 5 PM Brasília time. After the diversion, the criminals quickly moved the funds to hinder tracking and blocking of the funds.
