Binance freezes $3 billion in assets after suspected hack
Binance, the world's largest cryptocurrency exchange, has been hit by a massive hack resulting in the theft of $6.3 billion. The exchange has frozen $3 billion in assets and is working with law enforcement to address the breach, which analysts link to North Korean actors.
Why it matters
This incident represents the largest crypto heist in history, raising significant concerns about the security of digital assets and the role of state-sponsored cybercrime.
Hackers stole $6.3 billion from Binance, the world's largest cryptocurrency exchange, in what analysts say is the biggest crypto hack ever.
The attack could prompt investors to rethink the risks of owning digital assets.
The hackers behind the raid were from North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis.
The attackers targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, TRM Labs said in a statement.
Binance has said that it was working to resolve a "complex attack" which involved several "points of breach".
"Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach," the firm wrote on X.
"This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it."
Also covering this story
17 other newsrooms covered this event. We read each version separately.
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