Binance hit by $6.3bn hack, freezes half of stolen funds
Binance suffered a $6.3 billion hack but froze half the stolen assets. The company pledged to cover all losses as North Korea-linked hackers are suspected.
Binance, the world's largest cryptocurrency exchange by daily trading volume, fell victim to a $6.3 billion hack. The company froze half of the stolen assets to prevent a massive theft. Binance assured users on X that their funds were "completely safe," but pledged to cover all losses resulting from the attack. The CEO, Changpeng Zhao, estimated losses could exceed $1 billion "slightly."
Major partners, including Tether and Circle, also froze significant amounts of stablecoins linked to the hack. Both USDT and USDC, stablecoins pegged to the US dollar, were affected. Industry observers noted that hackers had gained access to the platform before Binance's announcement. The total funds affected are about four times greater than the previous largest cyberattack.
Blockchain investigations firm TRM Labs cited "reliable intelligence" linking the attack to the North Korea-linked Trader Traitor group, tied to the Lazarus Group responsible for the 2014 Sony Pictures hack.
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