By Salma El-Sakka
Binance, the world's largest cryptocurrency exchange, has frozen approximately $3 billion of the $6.3 billion stolen in a massive hack that security firms attribute to a North Korean hacking group. The breach, described as the largest in crypto history, surpasses the $1.5 billion Bybit heist of 2025.
Investigation Points to North Korean Group
Blockchain analytics firms TRM Labs and Chainalysis have linked the attack to the Lazarus Group, a cybercrime unit believed to operate on behalf of the North Korean regime. Chainalysis expressed "high confidence" in the attribution. North Korea has consistently denied involvement in such cyber operations.
Breach Wider Than Initially Thought
Binance co-CEO Richard Teng said the hack was not the work of a single individual. While the company initially suspected a compromised DevOps engineer's laptop, further investigation revealed additional breach points. Teng noted the attackers used a "self-destruct mechanism" that erased tools and traces, complicating forensic efforts.
US Authorities Join Recovery Effort
The US Secret Service confirmed it is "working around the clock" to identify, freeze, trace, and recover the stolen funds. The agency also pledged to bring the perpetrators to justice. Binance said it is cooperating with the FBI and other law enforcement agencies.
User Funds Guaranteed, Regulatory Scrutiny Continues
Binance assured its more than 300 million registered users that their money is safe and that the exchange will cover all losses. The platform, founded in China in 2017, reported $160 billion in assets under custody in 2024. However, industry observers have drawn parallels to assurances made by FTX before its 2022 collapse. Binance remains under regulatory scrutiny in multiple jurisdictions.
