Binance has suspended all withdrawals after the world’s largest cryptocurrency exchange fell victim to what appears to be the biggest heist in history.

The exchange put the “estimated total impact” of the hack at about $6.3bn and said around $3bn of affected assets, mainly stablecoins that act as cash for the crypto market, had been frozen.

But analysts at Elliptic said the attacker had converted around $3.3bn into digital assets that could not be frozen and was working to move and convert them.

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