A simple explainer of the massive $6.3 billion crypto heist at Binance - NPR
A North Korean military hacking unit is believed to be behind the $6.3 billion cyber heist of cryptocurrency exchange Binance, the largest theft in history.
The theft stunned the crypto industry and set off new fears about a sector that many critics deride as the "Wild West" of finance. At 4:05 p.m. Eastern on Thursday, hackers accessed investor accounts at Binance, making off with just over $6.3 billion worth of cryptocurrencies in approximately 20 minutes.
Binance, working with other exchanges and partners, has frozen about $3 billion in stolen cryptocurrencies, preventing hackers from taking full possession of the digital assets. The exchange has also promised to compensate customers affected by the cyber heist, though the exact method remains unclear.
North Korean Connection
The level of sophistication and speed of the hack point to a North Korean military hacking unit known as TraderTraitor, which was also responsible for the previous largest cyber heist—stealing $1.5 billion from crypto exchange Bybit last year.
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