World’s largest crypto exchange hit by suspected North Korean hack in world’s largest heist
Binance, the world’s largest cryptocurrency exchange, has suspended withdrawals after hackers broke into its digital wallets and stole six billion dollars in what appears to be the biggest crypto heist ever. The exchange said Friday that it has begun recovering affected assets and was continuing to work with law enforcement and blockchain intelligence firms to … The post World’s largest crypto…
Binance, the world's largest cryptocurrency exchange, has experienced a suspected North Korean hack resulting in a massive $6 billion heist. The exchange suspended withdrawals on Friday as it launched a recovery process and worked with law enforcement and blockchain intelligence firms to trace the stolen funds. Initial investigation indicates that the hackers gained access through a compromised engineer's laptop, allowing unauthorized withdrawal transactions.
Blockchain evidence points to North Korean origins for the attack. Binance co-CEO Richard Teng described the attack as complex, not a "one-click" action. The exchange has frozen approximately $3 billion worth of stolen cryptocurrency, while user funds remain safe. Binance will cover all losses and expects withdrawals to resume by Sunday.
Crypto-tracing firms TRM Labs and Pangolin Intelligence attribute the heist to a North Korean hacking unit based on on and off-chain intelligence. Chainalysis, another firm, has high confidence that North Korea is responsible, and the FBI is monitoring the situation closely.
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