Binance Hack: $6B Stolen in Largest Crypto Heist, Linked to North Korea

Binance, the world's largest cryptocurrency exchange, reported Friday that hackers stole over $6 billion in what appears to be the largest crypto heist ever recorded, with blockchain firms attributing the attack to a North Korean hacking unit. The company has reserved more than $6.34 billion from its own funds to cover stolen assets and is working to recover user funds, having already frozen approximately $3 billion in affected assets with blockchain partners. Binance co-CEO Richard Teng confirmed the exchange's hot wallet was compromised, noting attackers used complex tactics including a "self-destruct mechanism." Blockchain analysis firms TRM and Chainalysis linked the attack to TraderTraitor, North Korea's elite hacking unit, citing similarities to previous incidents. Experts note North Korea has increasingly relied on crypto theft for foreign currency amid UN sanctions, while analysts warn such large-scale attacks may become more common.