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Binance Hit by Record $6.3B Hack, N. Korea Suspected
Binance, the world's largest cryptocurrency exchange, lost an estimated $6.3 billion in what analysts call the biggest crypto hack ever, with initial findings suggesting an attacker used an engineer's laptop to access service containers and submit unauthorized withdrawals. U.S. blockchain analysis firm TRM Labs says North Korean hackers were behind the raid, moving approximately $6.36 billion out of Binance wallets, according to Yonhap and Korea Times reports. Binance has frozen about $3 billion in assets and says all losses will be covered by its insurance fund (SAFU) and company funds, while Bitcoin sank below $80,000 amid market anxiety, Business Korea reports. Korean media coverage focuses on the scale of the theft and the suspected North Korean link, with Business Korea noting a ripple effect across global and domestic exchanges. The Korea Times also highlights how the heist puts a spotlight on how crypto exchanges insure digital assets, noting insurance protection is far from complete.
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