Binance, the world’s largest cryptocurrency exchange by daily trading volume, says the incident had an estimated impact of about 6.3 billion dollars.

The estimated impact is the approximate amount of money affected by the incident.

The company says about 3 billion dollars has been frozen, and it has paused withdrawals while it checks its systems.

Withdrawals are actions that move money out of an account.

Binance said deposits were unaffected, and its 30 October service update said withdrawals remained paused while it worked on a security revamp it expected to complete within 48 hours.

Here, withdrawals are still stopped, so users cannot take money out.

For users, the immediate issue is access: a person may see an account balance but be unable to move the money out while withdrawals are paused.

Withdrawals are ways to take money out of an account.

This incident makes that dependence visible: even if the customer did nothing wrong, a security problem can stop withdrawals.

Withdrawals are transfers of money out of the platform.

Binance says withdrawals remain paused while it works on a security revamp of its withdrawal service and related addresses.

Withdrawals are transfers of money out of an account.

Binance’s 30 October service update said withdrawals remained paused.

Withdrawals are actions that take money out of an account.

The central customer issue remains the movement of funds and the pause in withdrawals.

Withdrawals are ways of taking funds out of an account.

Binance’s initial investigation suggested that a compromised laptop belonging to a DevOps engineer may have let an attacker access an internal service.

The laptop was compromised, meaning someone gained unwanted access to it.

Its account is that a compromised laptop gave an attacker access to a service that could send withdrawal requests.

The laptop had been accessed or affected without permission.

Binance’s initial investigation suggested that a compromised laptop belonging to a DevOps engineer may have let an attacker access an internal service.

An internal service is a system used inside the company rather than offered directly to the public.

Binance says the attacker used access to an internal service to submit unauthorized withdrawal requests.

This is a company system the attacker could use to send requests.

Binance says the attacker accessed an internal service and submitted unauthorized withdrawal requests, but it has not described the exact path.

It is a system inside the company that the attacker accessed.

Binance says the attacker used access to an internal service to submit unauthorized withdrawal requests.

The requests were made without permission.

Binance says the attacker accessed an internal service and submitted unauthorized withdrawal requests, but it has not described the exact path.

The attacker made the requests without permission.

The company says it has found no evidence that a wallet’s private key was exposed.

A private key is a secret code that allows someone to authorize transactions with crypto.

Alex, can you clarify how a system problem can lead to coins moving without a private key being stolen?

A private key is a secret code used to authorize crypto transactions.

Binance says no wallet private key leaked.

A private key is a secret code used to authorize crypto transactions.

The SEC staff warns that if a third-party custodian is hacked, closes or goes bankrupt, customers may lose access to their crypto.

It is an outside organization that holds or controls customers’ crypto.

The SEC staff says customers may lose access if a third-party custodian is hacked, shuts down or goes bankrupt; it also warns that people managing their own keys may lose access if those keys are lost or stolen.

A third-party custodian is an outside organization that holds or controls customers’ crypto.

Binance said deposits were unaffected, and its 30 October service update said withdrawals remained paused while it worked on a security revamp it expected to complete within 48 hours.

A security revamp is a major change or improvement to security systems.

Binance says withdrawals remain paused while it works on a security revamp of its withdrawal service and related addresses.

Here it means a major change to improve the security of the withdrawal service.

Binance said roughly 3 billion dollars had been frozen on-chain.

On-chain means recorded or handled on the blockchain, the shared digital record for crypto transactions.

The SEC staff warns that if a third-party custodian is hacked, closes or goes bankrupt, customers may lose access to their crypto.

Bankrupt means unable to pay debts and legally unable to continue as before.

The SEC staff says customers may lose access if a third-party custodian is hacked, shuts down or goes bankrupt; it also warns that people managing their own keys may lose access if those keys are lost or stolen.

Bankrupt means unable to pay debts and legally unable to continue as before.