Hackers steal $6.3 billion from Binance in record crypto heist
Binance scrambles to freeze billions after record-breaking hack linked to North Korea.
via Ars TechnicaReported by 11 outlets
Binance halts platform withdrawals after intruders siphon over six billion dollars across ten blockchains
The story so far
AI summary of the reporting below · Updated · How we work
Total loss estimates range from $5.6 billion to $6.4 billion in what analysts call the largest cryptocurrency heist to date. The exchange temporarily halted user deposits and withdrawals while investigating the incident, which blockchain intelligence firms TRM Labs, Chainalysis, and Elliptic attributed to North Korea's state-backed hacking unit TraderTraitor. [3][4][5][6][9][10]
Binance co-CEO Richard Teng said the intrusion began after attackers accessed an engineer's compromised laptop, enabling them to reach a service container and trigger unauthorized transactions through a complex process. The company stated it found no evidence of compromised private keys and insisted customer balances remain secure. However, researchers noted that attackers still hold billions in assets like Bitcoin and Ethereum that cannot be centrally frozen. [4][5][6][9][10]
Binance pledged to cover all customer losses through company assets and its emergency SAFU reserve fund. The company also promised to publish an updated proof of reserves once remediation finishes, while cybersecurity specialists warned platform users to stay alert for follow-up phishing schemes and fake compensation outreach. [4][6][7][9][10]
Read the original reporting
11 outlets
Read at Ars Technica
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