Is your crypto safe? What the record RM26b Binance heist reveals about exchange security
LONDON, Oct 31 — Binance, the world’s biggest cryptocurrency exchange, estimates that assets worth US$6.3 bi...
On October 31, Binance, the world's largest cryptocurrency exchange, reported a hacking attack that impacted assets worth US$6.3 billion (RM25.7 billion). The attack raises questions about the security of cryptocurrencies and the reliability of Binance, which boasts 335 million users. Binance has faced numerous scandals, including its former CEO being convicted in the US for anti-money laundering violations.
While cryptocurrencies are based on blockchain technology, which is designed to be tamper-proof, private keys and systems used for authorising transfers can still be compromised. Hackers may exploit software vulnerabilities, deploy malware, or target individuals through phishing. In the case of Binance, investigators suspect a compromised engineer's laptop and other breach points.
North Korean hackers, known as TraderTraitor or the Lazarus Group, are believed to be behind the attack, which resulted in the theft of four times the amount stolen from Bybit in 2025. Binance has frozen around US$3 billion of the affected crypto, but this does not guarantee the recovery of the funds, as the attackers could use anonymisation tools.
Binance will cover the losses, but the report stresses that there is no zero-risk scenario in cryptocurrency security.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
