N. Korean hackers behind $6.36 billion Binance crypto theft: US firm
Washington, Oct 31
North Korean hackers purportedly stole an estimated US$6.36 billion in cryptocurrency from Binance, the world's largest cryptocurrency exchange, in what would be the biggest cryptocurrency theft on record, according to a U.S. blockchain intelligence firm.
TRM Labs said Thursday's attack against Binance was most likely carried out by TraderTraitor, a North Korean hacking group, which stole digital assets from Binance across 10 blockchain networks. Most of the funds were taken in about 20 minutes, it said.
The firm said it had "high confidence" that the group was behind the attack, citing its analysis of cryptocurrency transactions and similarities with previous North Korean hacking operations, reports Yonhap news agency.
According to TRM Labs, the hackers began preparing for the attack at least 36 hours in advance. The firm believes they gained access to systems used to authorise cryptocurrency transfers, allowing them to move funds without permission.
TRM Labs said about $2.7 billion in stolen assets had been frozen through cooperation among cryptocurrency companies and blockchain operators. However, the hackers still controlled roughly $2.4 billion worth of Bitcoin and Ethereum, two major cryptocurrencies.
The firm warned that the hackers could try to hide the origins of the stolen funds by moving them between different blockchain networks and cryptocurrency trading platforms.
The attack would far exceed the $1.5 billion stolen from cryptocurrency exchange Bybit in February 2025, which the U.S. Federal Bureau of Investigation attributed to TraderTraitor.
U.S. officials have pointed out in the past that North Korea relies on networks of its nationals abroad and foreign-based facilitators, including in China, Russia, Cambodia and Vietnam, to launder stolen digital assets into fiat currency for procurement activities and for funding its weapons of mass destruction programs.
Richard Teng, co-CEO of Binance, wrote on X that the company was "working non-stop" to resolve the issue.
"We are committed to covering all hacked losses through our company funds. Your assets are safe," he wrote.
Teng added that Binance has reserved over $6.34 billion of company funds to cover the stolen assets. Of those funds, $5 billion was already held in the exact token assets that were impacted, he said.
— IANS
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