Binance says $6.3 billion stolen in biggest crypto heist in history
- In the largest security breach in cryptocurrency history, hackers drained an estimated $6.3 billion from Binance hot wallets across 10 blockchains in a coordinated attack lasting roughly 20 minutes on Thursday evening.
- Initial investigations indicate the breach originated from a compromised DevOps engineer's laptop, enabling the attackers to gain access to a service container, utilize Ethereum's EIP-7702 feature to authorize malicious contracts, and execute unauthorized withdrawals without compromising wallet private keys.
- Blockchain analytics firms TRM Labs and Chainalysis attributed the massive intrusion to "TraderTraitor," an elite North Korean state-sponsored cyber warfare unit, noting that stolen assets were rapidly swapped into Ether and mixed with funds from previous exploits.
- Binance immediately suspended all deposits and withdrawals, while coordinated intervention by the exchange, stablecoin issuers, and law enforcement successfully froze roughly $3 billion of the stolen assets on-chain.
- Binance stated it will fully cover all unrecovered user losses through its SAFU reserve and corporate funds, while the broader crypto market suffered sharp declines—wiping out $170 billion in market capitalization and triggering over $1.3 billion in leveraged liquidations within 12 hours.
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The Binance crypto exchange may have been hacked. A North Korean group may be behind the attack, and the incident could affect billions of dollars.
Binance, one of the world's largest cryptocurrency exchanges, has been targeted by a multi-billion dollar cyberattack. While North Korean-linked hacker groups are suspected, some of the stolen cryptocurrencies have been frozen, and the company has stated that user assets are safe.
The Binance cryptocurrency platform reported yesterday that it was the victim of a major attack by cyber hackers that led to the freezing of more than $6.3 billion to prevent them from being stolen.
Digital assets worth about $6.3 billion were transferred from Binance wallets on Thursday evening, following a cyber attack that took place largely in just 20 minutes. Approximately $3 billion was frozen, and the platform announced that it would cover all user losses and allocated over $6.34 billion of its own funds to manage the incident.
Binance $6.3B Hack: Firms Blame North Korea
Blockchain firms TRM and Chainalysis link the Binance theft to North Korea's TraderTraitor group. No government has confirmed it, and Binance's account has shifted. The post Firms Blame North Korea for $6.3 Billion Binance Hack; No Government Attribution Yet appeared on Right Side News.
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