Binance hack: Lazarus group suspected as $6.3b theft rattles traders
Dubai: The crypto world woke up to its worst nightmare on Friday. Binance, the world’s largest crypto exchange, was hacked. It is estimated that about $6.3 billion has gone missing, making this the biggest crypto theft on record. CNN reports that North Korea’s Lazarus Group could be behind the attack. Blockchain investigators support that view, but Binance has not named the attacker yet. In its…
On October 29, Binance, the world's largest crypto exchange, was struck by a massive hack in which $6.3 billion disappeared, marking the biggest crypto theft ever recorded. North Korea’s Lazarus Group is suspected to be behind the attack, according to blockchain investigators, though Binance has not officially named the culprit.
The exchange's CEO, Changpeng Zhao, assured users that their funds are safe and pledged to cover every loss using the SAFU emergency fund and company resources. Binance's own investigation indicates that a compromised DevOps engineer's laptop allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.
The exchange has frozen $3 billion in crypto assets and is working to restore its withdrawal system. Despite the severity of the incident, Bitcoin and BNB initially only experienced minor drops in value as investors focused on the exchange's contingency plans and ability to cover losses.
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