The Binance logo is pictured on a smartphone in Marple Township, Pa., on February 28, 2023. According to a U.S.-based blockchain intelligence firm, North Korea’s hacking unit is believed to be behind a massive cryptocurrency theft affecting over $6 billion on Binance. This is the largest known cryptocurrency hack.
Binance announced suspending withdrawals but assured that deposits remain unaffected. They have initiated asset recovery efforts in conjunction with blockchain partners, managing to freeze approximately $3 billion involved in the hack. They promised compensation for all losses incurred during this incident.
The company indicated a compromised laptop might have facilitated the hack, but further investigation revealed more vulnerabilities. TRM attributed the attack to TraderTraitor, North Korea’s elite hacking unit, noting the theft occurred rapidly on multiple blockchains. This attack surpasses previous incidents, including a $1.5 billion theft from Bybit. Chainalysis also suspects TraderTraitor was involved, echoing TRM’s analysis.
North Korea reportedly leverages cryptocurrency theft to offset economic difficulties and fund nuclear programs. A South Korean spy agency estimated North Korean hackers have stolen $1.1 billion in digital assets in the past five years. Their capabilities in cyber theft are considered world-class.
Changpeng Zhao, founder of Binance, stepped down after pleading guilty to a felony in 2023 connected to money laundering on the platform. He was pardoned by U.S. President Donald Trump in 2025. Zhao, no longer CEO, reassured users their funds remain protected, while cybersecurity expert Kok Tin Gan highlighted the importance of stronger security protocols in cryptocurrency exchanges.
Binance found no evidence of wallet private key leaks and plans to release more technical information once their investigation concludes.
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