Binance confirms $6.3B hack, likely largest crypto theft ever

Binance, the world's largest cryptocurrency exchange, reported a hack on Friday that stole over $6 billion, likely the biggest crypto theft on record, with blockchain firms attributing it to a North Korean hacking unit. The company has reserved $6.34 billion to cover losses and frozen about $3 billion in affected assets. Binance's co-CEO Richard Teng confirmed the attack targeted a hot wallet, involved complex tactics like a self-destruct mechanism, and that withdrawals are suspended. U.S. President Donald Trump said officials are investigating, and blockchain firms TRM and Chainalysis linked the attack to TraderTraitor, North Korea's elite hacking unit. Experts warn such large-scale hacks may become more common, citing rising AI sophistication. The theft surpasses a $1.5 billion Bybit hack last year, also blamed on North Korea, and raises questions about approval controls, though Binance says user assets in cold wallets remain secure.