Hackers Steal $6.3 Billion From Binance in Record Crypto Heist
Hackers have stolen $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in the biggest crypto theft ever. The attack breaks the previous record by a wide margin. It also comes at a hard time for digital assets, which were already under pressure from higher U.S. interest rates and weaker demand from exchange-traded fund buyers. […] The post Hackers Steal $6.3 Billion From…
$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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