Binance says $6.3 billion stolen in biggest crypto heist in history
Stablecoin issuers Tether and Circle froze more than $2.38 billion as Binance said it would cover losses with company and SAFU funds.
- 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 world's largest cryptocurrency platform, Binance, reported this Friday of a security incident with an estimated impact of $6.3 billion, of which it claims to have blocked some $3 billion, and temporarily suspended deposits and withdrawals while investigating unauthorized operations.In a statement published on its official website, the company explained that its preliminary investigations indicate that the attackers were able to compromise an…
The trading platform said on Thursday 29 October that it had undergone a huge hack. All deposits and withdrawals were "temporarily suspended".
The company ensures that it will cover all losses through its user protection fund.
It's one of the biggest hits in history. The exchange company immediately intervened. About three billion are already safe.
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