Gone in 20 minutes: How the biggest heist in crypto history unfolded

In a record-breaking theft, hackers breached Binance, the world's largest cryptocurrency exchange, draining around US$6.3 billion from wallets. According to Binance and blockchain analysis, the attack occurred in roughly 20 minutes, starting around 8pm GMT on Thursday (Oct 29). The exchange operates a US$1 billion Bitcoin reserve, designed to protect customers during security breaches, yet this time, the losses will be covered by the fund and company resources.

Co-CEO Richard Teng stated that half of the stolen assets have been frozen by stablecoin issuers, including Tether, Circle, Ripple, and World Liberty Financial. While the attackers have not yet been identified, blockchain records show similarities to previous operations attributed to North Korean hackers. The stolen funds, primarily in the form of stablecoins, are at risk of being frozen and converted into other assets.

Experts predict that the attackers will likely attempt to hide the proceeds in lesser-known exchanges or use blacklisted coins, making it increasingly difficult to trace and recover the stolen assets. This incident further highlights the vulnerabilities in the cryptocurrency sector and the need for improved security measures.