One of the world’s largest cryptocurrency exchanges, Binance, is investigating a massive security breach after digital assets worth more than US$6.3 billion were reportedly stolen in an attack attributed to North Korean hackers.
The theft, which reportedly took just 20 minutes, has been described as the biggest cryptocurrency heist on record, surpassing the US$1.5 billion stolen from rival exchange Bybit last year.
According to Skynews, Blockchain intelligence firm TRM Labs has linked the attack to TraderTraitor, an elite North Korean hacking group known for targeting cryptocurrency platforms.
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North Korean Hackers Linked To US$6.3 Billion Theft
The hackers reportedly managed to move billions of dollars across eight blockchain networks in approximately 15 minutes.
The attack is believed to have involved at least 36 hours of preparation before the actual theft was carried out.
Ari Redbord, TRM Labs’ chief policy officer, described the incident as extraordinary, both because of the amount stolen and the speed at which the attackers operated.
He told Sky News that the group had previously been linked to the Bybit hack by the FBI.
The latest incident would make the Binance breach the largest cryptocurrency theft to date.
Binance Suspends Deposits And Withdrawals
Binance has moved to investigate the security breach, with the exchange temporarily suspending customer deposits and withdrawals.
The company said its security team was urgently reviewing the available information and assured customers that their funds remained safe.
Binance also pledged to cover all losses resulting from the hacking incident.
The exchange, which claims to have more than 335 million users worldwide, urged customers to remain alert to potential scams as investigations continued.
Billions In Stolen Cryptocurrency Frozen
Efforts to contain the damage have already resulted in the freezing of digital assets worth more than US$3 billion.
However, TRM Labs estimates that the attacker still controls approximately US$2.4 billion worth of Bitcoin and Ether, raising concerns about whether the remaining funds can be recovered.
Crypto Watchdog executive director Chapin Fay cautioned that freezing stolen assets does not necessarily mean they will eventually be returned.
He said the incident demonstrated the security weaknesses that can affect even the world’s largest cryptocurrency exchanges, adding that customers deserved stronger safeguards and clear assurances about how losses would be handled.
Bitcoin Price Drops As Concerns Grow
The news of the security breach also unsettled cryptocurrency markets, with Bitcoin experiencing a sharp decline.
By 1am UK time on Friday, Bitcoin was trading at approximately US$77,000, representing a 5% drop over 24 hours.
Some smaller cryptocurrencies recorded losses approaching 10%.
Izabella Kaminska, editor of The Blind Spot, described the attack as sophisticated and well-rehearsed.
She also raised concerns about the growing exposure of financial systems to cyberattacks, particularly as artificial intelligence agents become more prominent.
Kaminska argued that despite the cryptocurrency industry’s emphasis on decentralisation, many major trading platforms remain structurally centralised, leaving customers vulnerable when security systems fail.
She further warned that closer connections between cryptocurrency markets and traditional financial institutions could create wider risks if the fallout spreads beyond the digital asset sector.
Experts Warn Of Wider Financial System Risks
The scale of the Binance breach has renewed questions about the ability of cryptocurrency exchanges to protect customer assets against increasingly sophisticated cybercriminals.
Chainalysis head of research Eric Jardine said cooperation across the cryptocurrency industry was helping disrupt attempts to move the stolen funds.
He noted that exchanges remained attractive targets because of the large amounts of money held on their platforms.
Meanwhile, Asymmetric Research chief executive Jonathan Claudius said the preparations and techniques used in the Binance attack were consistent with those associated with North Korean hacking groups.
Although the full implications of the incident are still being assessed, concerns are mounting over the potential impact on confidence in cryptocurrency platforms and the wider financial system.
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