Binance Hit by $6.3 Billion Cryptocurrency Hack
Binance has been shaken by a massive cyber attack amounting to $6.3 billion. While security firms such as TRM and Elliptic indicate that North Korea-linked groups are behind the incident, the exchange announced that it will cover all customer losses.
Binance, the world's largest cryptocurrency exchange, has been hit by a massive cyber attack worth $6.3 billion, described as the largest heist in history. Following the attack, deposit and withdrawal operations were temporarily suspended, while the exchange announced it would compensate for all customer losses.
Binance, the world's largest cryptocurrency exchange, has been the target of a record-breaking cyber attack worth $6.3 billion (approximately £4.7 billion). Security experts and analysts stated that this event constitutes the largest heist in history, while Binance Co-CEO Richard Teng stated that the company has allocated $6.34 billion to cover the stolen assets. Following the incident, approximately half of the affected assets were frozen.
Initial investigations indicated that the breach may have stemmed from a compromised laptop belonging to one of Binance's engineers, through which attackers carried out unauthorized withdrawals. Subsequent investigations revealed multiple points of breach. Cybersecurity and analytics firms, including TRM, Elliptic, Chainalysis, and Check Point, attributed the attack to North Korean state-backed hacker groups known as TraderTraitor (Lazarus Group).
Following the security alert, other platforms such as Tether, Circle, and World Liberty Financial froze approximately $2.4 billion in assets while collaborative security efforts were conducted. Bitcoin lost more than 4% of its value, while sharp declines were also experienced in other major cryptocurrencies such as Ethereum and Solana. Binance security teams temporarily halted all deposit and withdrawal operations while working in coordination with law enforcement.