How the record-breaking $6.3 billion heist in crypto history unfolded
Summary
Hackers stole about $6.3 billion in cryptocurrency from transaction-processing wallets at Binance, making it the largest digital-asset theft described in the report. Binance said it would cover losses, while issuers froze roughly half the stolen assets; U.S. blockchain analysts said the attack resembled operations linked to North Korean hackers, but Binance had not identified the attackers.Key Facts
- The stolen cryptocurrency was drained from wallets Binance uses to process transactions.
- Blockchain records show most of the theft happened in about 20 minutes, starting shortly after 20:00 GMT on Thursday.
- TRM Labs said the attackers compromised Binance’s transaction-signing infrastructure, which authorizes transactions.
- Binance co-CEO Richard Teng said the exchange would use its $1 billion secure asset fund and company resources to cover losses.
- Issuers including Tether, Circle, Ripple and World Liberty Financial froze roughly half of the stolen assets.
- TRM Labs estimated that about $2.4 billion in bitcoin and ether was beyond reach; those cryptocurrencies cannot be frozen by an issuer.
- Several U.S. blockchain analysis firms said the breach had similarities to attacks attributed to North Korean hackers, but Binance had not identified the attackers.
- Chainalysis said funds from a separate attack on Bitget were being mixed with proceeds from the Binance breach.
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