Binance Hack: North Korean Group Linked to $6.3 Billion Crypto Theft

A massive cyberattack on Binance resulted in the theft of 6.36 billion dollars, marking the largest cryptocurrency heist in history. The breach occurred over ten blockchains, with the majority of the funds moving in approximately 20 minutes.

TRM, a U.S. blockchain intelligence firm, identified the attackers as TraderTraitor on Thursday. The company described the group as North Korea’s elite hacking unit and stated it made this judgment with high confidence. Chainalysis, another analysis firm, reached a similar conclusion. Co-founder and CEO Jonathan Levin wrote on X that the Democratic People’s Republic of Korea was likely responsible.

Binance reported on Friday that it had frozen roughly 3 billion dollars in affected assets with the help of blockchain partners. The company suspended withdrawals, which it expects to resume within one to two days. Deposits remained unaffected during the incident. Binance stated it would cover all losses incurred by users.

The exchange’s initial investigation pointed to a compromised laptop. A subsequent review revealed additional points of breach. A spokesperson said the company is working with law enforcement to confirm the identities of the criminals. The firm said on X that it found no evidence of a wallet private key leak and will release more technical details when its probe is complete.

Kok Tin Gan, CEO of cybersecurity firm NyxLab, suggested the attack involved a single signature that granted a never-expiring, full-access token to a hot wallet. He noted that this lack of stronger approval controls raises questions about internal security measures. Hot wallets hold private keys that are connected to the internet.

North Korean hackers have previously targeted crypto exchanges to generate foreign currency for their economy and nuclear program. In February 2025, the FBI linked North Korea to a 1.5 billion dollar hack of Bybit. South Korea’s spy agency estimated in December 2022 that North Korean hackers stole 1.1 billion dollars in digital assets over five years, with more than half taken in 2022 alone.

Changpeng Zhao, who founded Binance in 2017, posted on X that user funds are safe. Zhao pleaded guilty to a felony related to money laundering prevention in 2023 and stepped down as CEO. President Donald Trump pardoned Zhao in 2025. The former leader added that as a shareholder, he expects all user funds to be fully covered.