North Korean hackers suspected in $6.3 billion Binance theft after 20-minute transfer spree

TRM Labs and Chainalysis say a major cyberattack on Binance may be linked to North Korean hackers, with as much as $6.3 billion in cryptocurrency reportedly stolen. For high-risk payment and crypto operators, the detail that most of the assets were moved in about 20 minutes is the part that matters: once funds start hopping across chains that fast, containment becomes the business problem.

1. Analysts at TRM Labs and Chainalysis tied the attack on Binance, the world’s largest cryptocurrency exchange, to hackers from North Korea, according to Euronews. The reported haul was $6.3 billion in crypto.
2. The attackers allegedly targeted Binance wallets across 10 blockchains. According to the analysis, most of the stolen assets were moved in roughly 20 minutes, which gives compliance and recovery teams very little time to react.
3. Binance co-founder Yi He said the suspected entry point may have been a compromised laptop belonging to one of the company’s engineers. Binance, however, said it found no evidence that the secret keys for the crypto wallets were compromised.
4. The company said it is still investigating and is trying to freeze the stolen funds. Binance previously said it had identified the location of assets worth about $3 billion.
5. After the attack, Binance temporarily suspended withdrawals to update its security systems, while deposits continued as normal. The exchange also said it would compensate clients for losses and publish a detailed report on how the breach happened.

If the $6.3 billion estimate is confirmed, this would be the largest known cryptocurrency theft in history. BES.media previously reported that Binance expected to restore the system within 48 hours.