Crypto exchange Binance suspended withdrawals after elite hackers stole a staggering $6.3 billion in digital assets, marking what may be the biggest crypto heist of all time.
Researchers at the crypto research firm TRM Labs told the New York Times that they have “high confidence” in its assessment that the theft was the work of “North Korea’s elite hacking unit.” It reportedly took just 20 minutes to drain Binance of billions of dollars in crypto.
Binance said that it was able to work with its partners to freeze about $3 billion in assets. TRM, however, estimates that around $2.4 billion in assets were moved “beyond any issuer’s reach,” per the NYT, meaning that those coins are likely as good as gone.
The exchange stated in an X-formerly-Twitter post that it had initially thought that the breach was the result of a single compromised employee laptop. Further investigation, however, suggests that the attack was more elaborate.
“This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance said. “We are still gathering the facts, and will share more directly as we have them.”
The crypto firm also said that it would “cover all losses” using reserve funds.
Binance founder Changpeng “CZ” Zhao said on X that “user funds are safe,” but the incident “does look like a hack.” Zhao, a major player in the crypto world, pleaded guilty to money laundering and was sentenced to four months in prison in 2024 but was pardoned last year by president Donald Trump after Binance provided support to World Liberty Financial, the Trump family’s much-scrutinized crypto venture. (Zhao is no longer Binance’s CEO, but is still a shareholder.)
Previously, crypto’s biggest heist was last February’s attack on Binance rival Bybit, according to NYT. That attack was also carried out by North Korean hackers, who made away with $1.5 billion. TRM told Reuters that the Bybit and Binance heists share similarities suggesting that the same team may be responsible for both breaches.
That North Korea is responsible once again is unsurprising: the isolated nation, which has been under the thumb of dictators for decades, relies heavily on state-sponsored crime to bring in cash.
Crypto has always been risky — and even riskier now that cybercriminals have access to advanced AI tools that are supercharging hacking efforts across the digital world.
More on crypto: These Supposedly Super Secure Ledger Blockchain Wallets Are Secretly Draining User’s Crypto Holdings
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