Binance Is Back in Action After Record $6 Billion Cybertheft - PCMag Australia
Binance, the world's largest crypto exchange, has restored 95% of funds stolen in a record $6.3 billion cyberattack, resuming withdrawals after a temporary pause.
The attack represents the largest crypto theft on record, approximately four times bigger than the $1.5 billion hack of Bybit in February 2025. While withdrawals have resumed, not all digital assets are immediately available, particularly less commonly traded cryptocurrencies.
Hack details
The remaining 5% of stolen tokens are described as "less liquid," meaning they "may take longer to source in the required amounts." Binance stated they are "working with industry partners to complete the remaining acquisitions."
Blockchain investigations firm TRM Labs and the FBI attribute the hack to TraderTraitor, a North Korean state-sponsored group. The same organization was allegedly behind the Bybit hack and the $387 million Bitget heist in September.
This is going to be used for weapons proliferation and other destabilizing activity.
Investigation findings
TRM believes the hackers compromised Binance's "hot wallet" signing system, enabling them to transfer funds across ten different blockchains. Most of the stolen funds left Binance's wallets within just 20 minutes, according to transaction history analysis.
The FBI has urged crypto firms to block transactions with wallets linked to the North Korean group. The hackers are described as professionals part of the North Korean military, rather than commercial operators.
Related
