In brief
TRM Labs attributes a $6.36 billion theft from Binance to the North Korean group TraderTraitor, whose attackers accessed the exchange’s transfer‑authorization system. About $2.7 billion of the stolen assets have been frozen, but roughly $2.4 billion remains unrecaptured. Binance’s co‑CEO said the company will cover all losses from its reserves, keeping $6.34 billion on hand.
On Oct. 30 a U.S. blockchain intelligence firm said that North Korean hackers stole an estimated $6.36 billion in cryptocurrency from Binance, the world’s largest crypto exchange, in what would be the biggest theft ever.
The theft, carried out by a hacking unit called TraderTraitor, involved moving digital assets across ten blockchain networks in about 20 minutes. The group was reportedly preparing the attack at least 36 hours ahead of time and gained access to Binance’s transfer‑authorization systems, allowing them to move funds without permission.
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Trm Labs says roughly $2.7 billion of the stolen coins have been frozen through cooperation between crypto companies and blockchain operators, while about $2.4 billion worth of Bitcoin and Ethereum is still controlled by the attackers. Binance has set aside more than $6.34 billion in reserves—$5 billion of which is held in the token assets that were impacted—to cover the losses and work to recover the stolen funds.
The U.S. Federal Bureau of Investigation is aware of the incident and is working with its partners to understand the scope. Analysts note that North Korea often launder stolen digital assets through foreign‑based facilitators in countries such as China, Russia, Cambodia and Vietnam. The incident highlights the risk that large, rapid movements of crypto can pose to global markets and national security.
