Business
The $6.3bn Hack of Binance Took Just 20 Minutes
The Daily Star · 2 hours ago · Read the Full Story on The Daily Star
AI SUMMARY
Hackers stole approximately $6.3 billion in cryptocurrency from Binance in a 20-minute attack on October 29, marking the largest crypto theft recorded to date.
- Hackers stole approximately $6.3 billion in cryptocurrency from Binance in an attack that occurred on October 29.
- The vast majority of the breach unfolded within a 20-minute timeframe across multiple blockchain networks.
- Investigators from TRM Labs and Chainalysis noted similarities to operations by the North Korea-linked group TraderTraitor, though responsibility has not been officially confirmed.
- Binance temporarily suspended deposits and withdrawals following the breach and pledged to cover customer losses.
- Approximately $3 billion of the stolen cryptocurrency was successfully frozen through cooperation between exchanges and stablecoin issuers.
- Assets such as Bitcoin and Ether remain difficult to freeze due to decentralized issuer controls.
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