Frantic Binance hackers created windfall for crypto traders
North Korean hackers rushed to convert funds stolen from the world’s biggest crypto exchange.
The theft of $6.3 billion from Binance, once believed to be orchestrated by North Korean hackers, presented a rare opportunity for savvy traders. The hackers, acting swiftly, faced unfavorable prices due to the chaotic nature of the situation, which resulted in a loss of approximately $119 million, according to blockchain data firm Bitquery.
Bitquery also noted that the hackers primarily targeted stablecoins, such as USDT, to avoid freezing by their issuers. This led to a distorted price in the crypto market, as the attackers quickly moved stolen funds to unencumbered cryptocurrencies. Traders were able to capitalize on the price gaps, taking advantage of the imbalance between the high price of Ether on decentralised exchanges and a lower price on other platforms.
This event, which occurred on October 29, 2025, highlighted the vulnerability of the crypto market to such sudden disruptions.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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