Binance hackers stole $6.3 billion in record-breaking crypto heist
Binance has reported a record-breaking $6.3 billion cryptocurrency hack, which the company is working to mitigate by freezing assets and using its emergency reserve fund. Blockchain analysis firms have attributed the complex attack to the North Korean hacking group TraderTraitor.
Why it matters
This is the largest crypto heist in history, raising major concerns about the security of centralized exchanges and the involvement of state-sponsored cybercrime groups.
Binance has disclosed that $6.3 billion worth of crypto funds have been stolen from the platform, in what’s believed to be the biggest cryptocurrency hack on record. In a series of updates posted to X, the crypto exchange said that user funds are safe, and that around $3 billion of the impacted assets have been frozen so far.
Binance has publicly committed to covering any losses resulting from the hack. The company has an emergency reserve fund of around $1.3 billion (at last valuation) to protect user assets in these situations, and said it has also reserved over $6.34 billion of company funds to cover this incident — $5 billion of which is “already held in the exact token assets that were impacted.”
Also covering this story
9 other newsrooms covered this event. We read each version separately.
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