By Karim Hammam
Hackers stole $6.3 billion from Binance, the world's largest cryptocurrency exchange, in what analysts describe as the biggest crypto heist in history. U.S. blockchain analysis firms TRM Labs and Chainalysis attribute the attack to North Korea, saying the breach mirrored previous Pyongyang-linked operations.
Attack Details and Response
TRM Labs said the attackers targeted Binance wallets across 10 blockchains, siphoning most funds within 20 minutes. Binance said it collaborated with partners to freeze affected assets, locating around $3 billion so far. Co-founder Yi He stated the exchange would cover "all hacking losses," while deposits were unaffected and withdrawals were expected to resume within 48 hours.
Market Reaction
Markets reacted immediately in Asian trading on Friday. Bitcoin dropped more than 3% to a six-week low of $76,368, ether fell more than 3% to a two-month low of $2,178, and BNB declined 5% to $709.70. Shares in crypto exchange Coinbase Global slid 4.8%, while those of bitcoin buyer Strategy fell nearly 6% in extended U.S. trading.
Investigation and Wider Impact
An initial investigation suggested the breach may have started with a hacked laptop belonging to a Binance engineer, which allowed unauthorized withdrawals. Analysts warned the incident could further dampen risk appetite and prompt investors to reassess the safety of assets held on centralized exchanges. Stablecoin issuers Tether and Circle froze nearly $1.57 billion and more than $800 million respectively, while World Liberty Financial and Ripple also froze funds linked to the hack.
Series of Crypto Thefts
The heist adds to a string of major crypto thefts. Last year, attackers stole $2.9 billion across nearly 150 attacks, according to TRM Labs. In September, exchange Bitget lost roughly $350 million. Authorities have warned that organized crime groups are increasingly using cryptocurrencies to move funds across borders. Binance.US and Coinbase said they were unaffected, while prediction market Polymarket temporarily halted trading in an unrelated security incident.
