Binance loses over $6 billion in largest crypto hack in history
North Korean hackers stole approximately $6 billion from Binance through a compromised employee laptop, marking the largest theft in cryptocurrency history. The incident has triggered a debate over centralized custody risks and the resilience of major exchanges.
Binance, the world’s largest cryptocurrency exchange, suffered a breach in which hackers stole between $6 billion and $6.3 billion in assets. The attack originated from a compromised laptop belonging to a software engineer or DevOps individual, allowing attackers to exploit a single vulnerability to trigger a cascade of withdrawal orders. The theft is more than four times larger than the previous record for a crypto hack. Reports attribute the attack to North Korean hackers, though the specific attribution varies slightly in detail across sources, with some emphasizing the state-sponsored nature of the group.
Binance stated that withdrawals are being gradually re-enabled and promised customers would not suffer losses, citing an emergency fund, though the size of this fund is not clearly visible in the company’s balance sheet. Approximately $3 billion of the stolen funds were immediately frozen in stablecoins by Circle and Tether, demonstrating the centralized control possible over certain digital assets. The remaining $3 billion is expected to be covered by Binance. Bitcoin’s price remained relatively stable, dropping only 2% initially and recovering to $78,000 by Sunday from a six-week low of $76,400 on Friday.
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