Binance crypto heist: 5 things to know about the $6 billion hack

Binance, the world's largest cryptocurrency exchange, was hacked this week, with cybercriminals stealing over $6 billion in digital assets, marking the biggest cyber heist in history. Experts suspect a sophisticated North Korean military hacking unit, known as TraderTraitor, is responsible. The hackers accessed investor accounts on Thursday at 4:05 p.m. Eastern, taking about 20 minutes to steal $6.3 billion in cryptocurrencies. Binance has frozen roughly $3 billion of the stolen funds and promised to reimburse affected customers, though details of the attack remain unclear. The heist highlights weaker regulations for crypto exchanges compared to traditional Wall Street firms, which are audited and insured. Critics warn that smaller exchanges may struggle to repay investors after hacks, reinforcing the sector's "Wild West" reputation.