Binance Suffers $6.3bn Theft in Major Cyberattack

Binance disclosed a major security breach on October 29, where hackers stole about $6.3bn in digital assets, potentially the largest theft in history. The exchange, founded by Changpeng Zhao in 2017, suspended deposits and withdrawals while managing the fallout.

Binance reported that approximately $3bn of the stolen funds had been frozen and assured customers that their holdings were safe. Preliminary investigations indicated that a compromised engineer's device was the entry point for the attack.

Blockchain intelligence firm TRM assessed that the breach was executed by TraderTraitor, a North Korean state-sponsored hacking unit associated with the Lazarus Group. Ari Redbord, TRM's global head of policy, described the incident as unprecedented, warning that the stolen funds could finance North Korea's weapons programs.

The breach has raised global security concerns and impacted digital asset markets, causing a 5% drop in values. Binance plans to release a full technical report after concluding its investigation.