What to know about the $6.3B hack on Binance, likely the biggest-ever crypto theft - WREG.com
The world's largest cryptocurrency exchange, Binance, confirmed hackers stole over $6 billion in what appears to be the biggest crypto heist on record, with blockchain intelligence firms linking the attack to a North Korean hacking unit.
Binance, the world's biggest cryptocurrency exchange, announced Friday that hackers stole more than $6 billion in what appears to be the largest cryptocurrency heist on record. The company has reserved over $6.34 billion in company funds to cover the stolen assets and is working to recover them for users, having frozen roughly $3 billion with blockchain partners.
The cryptocurrency exchange has promised to cover all losses and has been sharing regular updates on its social media channels as it uncovers more information about the hack. Binance's co-CEO Richard Teng emphasized their commitment to resolving the situation.
We are working nonstop to resolve this.
North Korean hackers suspected
Blockchain intelligence firms have pointed to North Korean involvement in the attack. U.S.-based firm TRM attributed the hack to TraderTraitor, described as North Korea's elite hacking unit, with high confidence. The attackers moved approximately $6.36 billion out of Binance wallets across ten blockchains in about 20 minutes.
Chainalysis also believed the Binance hack was likely carried out by TraderTraitor, according to its co-founder and CEO Jonathan Levin. When asked about potential North Korean ties, a Binance spokesperson confirmed the company is working closely with law enforcement to identify the criminals.
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