Binance loses $6.3 billion in largest crypto heist, shaking the sector

A cyberattack on Binance, the world's largest cryptocurrency exchange, resulted in the theft of over $6 billion, marking the largest crypto heist in history. The attack, attributed to North Korean hackers, forced the exchange to suspend deposits and withdrawals and triggered a crisis response. The hackers drained funds through a series of unusual transactions on Thursday, prompting Binance executives to form a crisis team. Analysts from Chainalysis and TRM Labs linked the attack to a North Korean hacking unit called TraderTraitor. Binance has reserved $6.34 billion to cover losses, while some issuers have frozen over $2 billion in stolen assets. The incident has shaken the crypto sector, drawing responses from figures like Elon Musk and President Donald Trump. Binance co-executive He Yi acknowledged the company's security shortcomings, stating it should have invested in security earlier. The attack follows a similar $1.5 billion heist on rival exchange Bybit in February 2025.