Binance temporarily suspended trades following a $6.3 billion cyber heist linked to a North Korean hacking unit, with $3 billion of stolen assets frozen. The exchange said it is working with law enforcement to identify and recover the remaining $3.3 billion.
Blockchain analysts attributed the attack to TraderTraitor, a North Korean hacking unit, citing similarities to the 2025 Bybit hack. The breach involved moving over $6.36 billion across 10 blockchains within 20 minutes, with Binance initially suspecting a compromised engineer's laptop but later confirming a broader breach.
The hack has sent shockwaves through the cryptocurrency market, with Bitcoin falling 3.2% and major exchanges like Coinbase and Robinhood experiencing significant losses. Binance has pledged to cover all losses but experts caution that customer funds may not be fully protected.
Binance has not confirmed the North Korean link but says it is working with law enforcement to identify the criminals. The exchange has frozen $3 billion of assets and is using company funds to cover the $6.3 billion loss, though the remaining $3.3 billion remains at risk.