Hackers Steal $6.3 Billion from Binance in 20-Minute Breach
Binance experienced a major security breach, resulting in the theft of $6.3 billion in cryptocurrencies within 20 minutes.
Hackers executed a swift breach of Binance, extracting approximately $6.3 billion in cryptocurrencies on October 29, according to reports. The heist, which took around 20 minutes, involved draining assets from Binance’s wallets across multiple blockchains.
Binance responded by halting all deposits and withdrawals as it investigates the breach. The company has managed to freeze around half of the stolen funds, which reportedly includes $3 billion from various blockchain partners.
Security analysts believe North Korean hackers may be behind the attack. Tom Robinson, chief scientist at Elliptic, said, “We think North Korea is likely responsible.” This incident could potentially double the amount of cryptocurrency stolen by North Korea in prior hacks.
The majority of the stolen assets were taken from hot wallets, connected to the internet for transactions. TRM Labs reported that the attack might have involved a compromised laptop belonging to a Binance engineer. Following a rehearsal, hackers executed their plan with precision.
Binance’s statement confirmed the complexity of the operation. “This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” the company said. They are investigating additional points of breach while promising to cover all losses from their Security Asset Fund for Users (SAFU).
Experts warn that a significant amount of the stolen funds remains untraceable. “The remaining $3.3 billion is mostly Bitcoin, Ether, and XRP, which no one can freeze,” Robinson noted. Analysts observed that hackers may employ new laundering methods to obscure the funds’ trail.
Binance plans to release a detailed post-mortem report once its investigation concludes, assuring users that their funds remain secure. The firm stated, “User funds are safe.”
Sources
- WIRED
- CNBC
- ABC News – Breaking News, Latest News and Videos
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.