North Korean Hackers Accused of $6.3 Billion Binance Heist

North Korean hackers allegedly stole $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in a rapid series of transactions described by one industry insider as "the largest bank heist in human history."

Binance confirmed the breach on Friday, stating that it is working with law enforcement to resolve the incident and has so far located approximately $3 billion of the stolen assets. Withdrawals have been suspended temporarily while the exchange addresses the security issue. While deposits were unaffected, Binance has committed to covering all user losses.

TRM Labs, a US-based blockchain intelligence firm, has identified the hacking group TraderTraitor, which it describes as North Korea’s elite cyber unit, as the perpetrator. The firm cited several characteristics of the attack that align with previous North Korean-linked heists. "An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes," TRM Labs reported.

This incident surpasses the $1.5 billion stolen from the Bybit exchange last year, also attributed to North Korea, making it the largest cryptocurrency theft on record.

Binance has a $1 billion Bitcoin reserve asset fund designed to protect customer assets in the event of security breaches, according to its website. Co-CEO Richard Teng stated that company funds would also be used to cover the losses. A Binance spokesperson declined to comment on the potential ties to North Korea, stating only that the company was cooperating with law enforcement to identify and apprehend the culprits.