North Korean Hackers Blamed for $6.36 Billion Binance Theft

North Korean hackers are believed to be behind a staggering theft of $6.36 billion from Binance, the world's largest cryptocurrency exchange. This incident is now considered one of the largest cyber heists in history, according to TRM Labs, a U.S. blockchain intelligence firm.

The attack, attributed to a group known as TraderTraitor, involved the unauthorized transfer of digital assets across ten different blockchain networks. The hackers executed the theft in a remarkably short time, with most of the funds taken within just 20 minutes.

TRM Labs noted that the hackers had likely prepared for the attack at least 36 hours in advance, gaining access to systems that authorized cryptocurrency transfers. The firm expressed high confidence in its assessment, citing patterns similar to previous North Korean cyber operations.

Despite the massive scale of the theft, approximately $2.7 billion of the stolen assets have been frozen through cooperation among cryptocurrency firms. However, the hackers are still believed to control around $2.4 billion in Bitcoin and Ethereum, raising concerns about their ability to launder the funds.

Richard Teng, co-CEO of Binance, reassured users that the company is committed to covering all losses incurred from the hack. He stated, "We are working non-stop to resolve the issue," and confirmed that Binance has reserved over $6.34 billion to cover the stolen assets. Meanwhile, the FBI is coordinating with partners to investigate the incident further.