Blockchain intelligence firms link North Korea to $6.3B hack on Binance

A North Korean hacking unit is suspected of stealing over $6.3 billion from Binance, the world's largest cryptocurrency exchange, according to U.S.-based blockchain intelligence firm TRM. The attack, dubbed "TraderTraitor" by TRM, saw approximately $6.36 billion moved out of Binance wallets in less than 20 minutes, making it the largest cryptocurrency theft on record.

Binance, working with blockchain partners, froze $3 billion of affected assets and temporarily halted deposits and withdrawals while conducting security checks. The FBI also attributed the hack to North Korea and TraderTraitor. Traders and experts note that North Korea has increasingly turned to crypto hacking as a source of foreign currency to support its struggling economy and nuclear program, following tough UN sanctions.

Binance founder Changpeng Zhao, now a shareholder, urged users to trust that their funds are secure, while the exchange pledged to cover the losses from the hack. The incident has sparked questions about why Binance did not implement stronger approval controls for its hot wallets, containing users' private keys.