The attackers siphoned billions out of exchange wallets across 10 distinct blockchains in a window of about 20 minutes. Although the platform has pledged to cover user losses, market contagion caused Bitcoin to plunge to a six-week low of $76,368. Officials and stablecoin issuers Tether and Circle have collectively managed to freeze roughly $3 billion of the targeted digital assets.
Key points
Blockchain researchers assessed with high confidence that North Korea-linked cyber unit T…: Blockchain researchers assessed with high confidence that North Korea-linked cyber unit TraderTraitor orchestrated the historic theft.
The exchange temporarily halted deposits and withdrawals while committing to fully reimbu…: The exchange temporarily halted deposits and withdrawals while committing to fully reimburse customers for all stolen funds.
Experts cautioned that massive digital asset thefts directly provide vital foreign curren…: Experts cautioned that massive digital asset thefts directly provide vital foreign currency for North Korea's nuclear weapons program.
Sources checked by our analysis pipeline: 1
The world’s largest crypto exchange halts withdrawals as the theft is linked to North Korean hackers.
Binance, the world’s largest cryptocurrency exchange, says hackers have stolen about $6.3bn in what appears to have been the biggest crypto heist on record.
The company, which was co-founded by the Chinese-born Canadian billionaire Changpeng Zhao, suspended deposits and withdrawals on Thursday and said it would cover all losses, telling Al Jazeera in a statement that user funds were “safe”.
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Two United States blockchain analysis firms have claimed the attack originated in North Korea.
So how did it happen, and what does it mean for the crypto market? Here’s what you need to know:
Forensic investigators linked the unprecedented twenty-minute cyberattack to state-backed operatives, including the TraderTraitor group, who frequently target digital asset platforms to bypass international sanctions and finance illicit weapons initiatives. The exchange faces intense scrutiny after tracing the unauthorized withdrawal requests directly to a single engineer's compromised laptop.
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