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Blockaid has secured $40 million in commitments in the days after the $6.3 billion Binance theft, showing the hack’s impact on investment in crypto security. A person familiar with the fundraising told Axios Pro about the commitments.
The breach, described as the largest cryptocurrency theft on record, has spurred investment in security platforms. Blockaid’s fundraising follows an attack that prompted the world’s largest crypto exchange to suspend transactions after billions of dollars in digital assets were affected.
The Binance hack’s impact on security investment
The Blockaid commitments arrived within days of the theft.
Binance said early checks suggested the intrusion began with a compromised engineer’s laptop, which allowed attackers to make unauthorized transactions. The breach affected Binance.com; its US-facing platform said it was unaffected.
The exchange said it had replaced around 95% of the stolen assets and pledged to cover all losses. It used its corporate treasury, futures insurance and emergency reserve funds to replace customer assets.
Binance also said it had reserved more than $6.3 billion to address the attack’s fallout. Withdrawals for more than two dozen major cryptocurrencies had resumed, with other services scheduled to return in phases after security checks.
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