Binance hack exposes $6.34 billion; North Korea‑linked group indicated

Binance says it has frozen roughly half of the funds stolen in what analysts call the largest hack in history, a breach that allowed attackers to access 6.34 billion dollars in digital assets.

The company reported that three billion dollars of the stolen assets have been secured, although a substantial portion remains in the hands of unidentified hackers. Investigators initially suspected a compromised engineer's laptop, but later work found the breach was broader.

Signals point to a North Korean-linked operation

Several blockchain-analysis firms have linked the intrusion to a North Korea-linked hacking unit. The U.S. Secret Service said it is "working around the clock to identify, freeze, locate and return stolen funds." Binance has notified users that their funds are safe and that the exchange will cover any losses.

According to Binance, the bulk of the theft unfolded over about 20 minutes late on Thursday. Analysts at TRM Labs and Chainalysis noted similarities with previous large-scale thefts attributed to North Korean groups, and U.S. and South Korean officials and cybersecurity experts have for years flagged Pyongyang’s use of state-backed cyber actors for espionage and financial theft.

"This was not carried out by a single person. Our initial investigation suggested that the security incident may have involved a compromised laptop, but our subsequent investigation uncovered additional points of entry. The hackers used a self-destruct mechanism that destroyed tools and traces during their movement, which makes tracking and investigation more difficult," said one of Binance's executives, Richard Teng.

Founded in China in 2017, Binance allows users to trade digital assets and is estimated to have more than 300 million registered users worldwide. The company said in 2024 that it held assets in excess of 160 billion dollars.

Photo: DPA)