Binance hackers stole $6.3 billion in record-breaking crypto heist
Binance has disclosed that $6.3 billion worth of crypto funds have been stolen from the platform, in what's believed to be the biggest cryptocurrency hack on record. In a series of updates posted to X, the crypto exchange said that user funds are safe, and that around $3 billion of the impacted assets have been […]
$6.3 billion worth of crypto funds were stolen from Binance, marking the biggest cryptocurrency hack to date. The exchange promptly froze $3 billion of the stolen assets and pledged to cover all losses. Binance attributed the breach to a compromised laptop of a DevOps engineer, but later revealed additional breach points. The attacker, believed to be the North Korean hacking group TraderTraitor, executed a complex attack involving the submission of unauthorized withdrawal transactions.
Deposits and withdrawals have been suspended, and the affected address had its authorization revoked. Binance maintains user funds are safe, citing its emergency reserve fund of $1.3 billion and $6.34 billion of company funds specifically allocated for this incident. TRM and Chainalysis, blockchain analysis firms, attribute the hack to TraderTraitor, attributing it to a sophisticated attack process that wasn't a single "one-click" action.
This massive theft, four times larger than the previous record, has raised concerns about the security of crypto exchanges and the potential misuse of AI tools in the industry.
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