Hackers executed the largest cryptocurrency heist in history, stealing $6.3 billion from Binance, the world’s biggest crypto exchange. The breach occurred when attackers compromised Binance’s signing infrastructure, which authorizes transactions, allowing them to drain funds from wallets used to process transactions. The theft unfolded in about 20 minutes, beginning shortly after 2000 GMT on Thursday. Binance initially suspected a compromised laptop but later discovered additional breach points.
Several U.S. blockchain analysis firms, including TRM Labs, believe the attack bears similarities to previous operations linked to North Korean hackers. Binance’s co-CEO Richard Teng stated that losses would be covered by the exchange’s $1 billion secure asset fund and company resources. However, the attackers quickly moved the stolen funds to evade detection, with stablecoin issuers freezing roughly half of the assets.
About $2.4 billion worth of bitcoin and ether remains beyond reach, as these cryptocurrencies cannot be frozen by issuers. Market participants suggest the attackers will attempt to launder the stolen funds through lesser-known exchanges or by mixing them with other assets. The theft has shaken investor confidence, leading to a decline in cryptocurrency prices and stablecoin market value.
The incident is the latest in a series of major digital asset breaches, with attackers stealing $2.9 billion across nearly 150 incidents last year. The attack highlights ongoing vulnerabilities in the crypto sector and the challenges of recovering stolen funds.