The cryptocurrency industry woke up on Friday to news of the largest hack in its history. Binance, the world’s biggest crypto exchange, confirmed that hackers stole roughly $6.3 billion in digital assets, a theft far bigger than any previous crypto breach.
Binance CEO Richard Teng said the attack was not a simple one-click job — the breach spanned multiple points in the exchange’s systems. Cybersecurity firms have linked the attack to North Korea’s TraderTraitor group, a state-backed outfit previously tied to major crypto thefts.
About $3 billion of the affected assets has been frozen so far as investigators trace the stolen funds across the blockchain. Binance has pledged to cover all customer losses, an assurance aimed at stopping a panic-driven wave of withdrawals.
The fallout spread quickly through the market. Bitcoin dropped to a six-week low of around $78,171, shares of US exchange Coinbase fell, and the shock rippled into prediction markets — Polymarket was also hit by hackers on the same day.
While $6.3 billion makes this the biggest crypto hack ever, it also puts the industry’s security under fresh scrutiny. Exchanges remain among the most targeted businesses in the world, and this week’s attack shows that even the largest of them are not safe.
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Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.