Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea
The cyber-attack, which the company describes as complex, is believed to be the largest ever of its kind.
Crypto exchange Binance is grappling with a massive hack that saw $6.3bn stolen, believed to be the largest heist in history. The firm has frozen approximately half of the stolen assets, securing $3bn, but many remain in the hands of unidentified hackers. Despite initial speculation that a compromised DevOps engineer's laptop was responsible, Binance now admits to a broader breach.
Several analytics firms have linked the incident to a North Korean hacking unit, echoing the pattern seen in previous attacks, such as the $1.5bn heist on Bybit in 2025. The US Secret Service is actively working to identify and recover the stolen funds. Binance's co-CEO Richard Teng emphasized that the hack was not carried out by a single individual, highlighting the complexity of the attack.
The company has assured users that their money is safe and is covering every loss. However, many in the crypto industry are skeptical about Binance's ability to cover the immense financial loss. North Korea, an impoverished nation under heavy international sanctions, is suspected to be behind the hack, using cyber crime as a means to generate revenue.
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