The massive cyberattack is believed to be the biggest cryptocurrency theft in history, raising fresh concerns over digital asset security.
Binance, the world’s largest cryptocurrency exchange, has suffered a massive security breach involving an estimated $6.3 billion in cryptocurrency, in what is being described as the biggest crypto heist in history.
The company’s initial investigation suggested that hackers may have gained access through a compromised laptop belonging to a DevOps engineer. However, further investigations uncovered multiple points of breach, indicating that the attack was more complex than initially suspected.
According to Binance co-CEO Richard Teng, investigators are examining several security vulnerabilities, including employee devices, cloud systems, private-key management and transaction-signing procedures.
The attack reportedly targeted Binance’s hot wallets, which are used to process cryptocurrency transactions. Hackers managed to execute unauthorised transfers, with a significant portion of the stolen funds reportedly moved within approximately 20 minutes.
Binance has assured customers that their account balances remain safe and pledged to cover the losses through its Secure Asset Fund for Users (SAFU) and company funds.
The exchange has also been working with law enforcement agencies, blockchain intelligence firms and cryptocurrency issuers to trace and freeze stolen assets.
Investigators have attributed the attack to North Korea-linked hacking group TraderTraitor, according to the FBI. The incident has intensified concerns about cybersecurity risks across the global cryptocurrency industry.
Meanwhile, Binance has started restoring withdrawals in phases, while monitoring customer outflows following the unprecedented security breach.
