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North Korean Hackers Suspected in Record $6.36 Billion Binance Crypto Heist
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North Korean hackers are believed to be responsible for a cyberattack on the world’s largest cryptocurrency exchange Binance that resulted in the theft of approximately $6.36 billion in digital assets, making it the largest cryptocurrency heist on record, according to Reuters on October 30.
US blockchain analytics company TRM Labs identified TraderTraitor, a North Korean hacking unit, as the group behind the attack, citing evidence gathered from blockchain activity and other intelligence sources.
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“An attacker moved approximately $6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes,” TRM Labs said in a statement.
According to CNN, the attack took place on October 29 with hackers gaining unauthorized access to digital wallets belonging to Binance, the world’s largest cryptocurrency exchange.
Binance said its preliminary investigation indicated that hackers gained access through an employee engineer’s laptop, enabling them to infiltrate a service container and initiate unauthorized cryptocurrency withdrawals.
In response to the breach, Binance halted deposits and withdrawals pending security reviews, withdrew authorization for the compromised address, and began working with law enforcement and blockchain analysis companies to track down and recover the stolen cryptocurrency.
The exchange also assured customers that their assets remained safe, promising to cover any losses through company resources and its emergency reserve fund.
At the same time, cryptocurrency firms launched efforts to prevent the hackers from accessing the stolen funds. According to CNN, approximately $3 billion worth of digital assets had been frozen by October 29 night in the United States through a joint effort involving several companies.
“It’s the biggest hack in history,” Aravind Srinivasan, head of systematic over-the-counter trading at cryptocurrency market maker GSR, said, as reported by CNN.
Other blockchain intelligence companies also identified North Korean hackers as the likely perpetrators, supporting the findings published by TRM Labs.
Among them was Singapore-based Pangolin Intelligence, which told CNN that its conclusions were drawn from examining blockchain transactions associated with the theft and comparing them with patterns observed in earlier cyberattacks linked to North Korean groups.
One of the company's analysts, who requested anonymity, suggested that the hackers could rely on established money laundering networks to transfer and eventually convert the stolen cryptocurrency into accessible funds.
“I think the cat and mouse game has barely begun yet,” the analyst told CNN.
Meanwhile, blockchain tracking firm Chainalysis said it was monitoring the movement of stolen assets across several cryptocurrency networks, including Bitcoin and Ethereum. A company representative told CNN that the firm was highly confident North Korean hackers were responsible for the operation.
If North Korea’s involvement is conclusively established, the incident would mark a significant increase in the scale of cryptocurrency theft attributed to the country’s hacking operations.
The attack also comes amid previous scrutiny of Binance over its handling of cryptocurrency transactions involving Russia.
In August, Reuters reported that Binance had provided Russian authorities with information about cryptocurrency donations to Ukrainian fundraising campaigns. The data was subsequently used as evidence in a terrorism financing case against a Russian IT specialist.
According to the outlet, the disclosure occurred despite Binance announcing in 2023 that it had fully withdrawn from the Russian market. Although cryptocurrency exchanges generally comply with legitimate law enforcement requests for customer information in countries where they operate, Binance had already exited Russia when it shared the data.
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