Cryptocurrencies worth more than $6.3 billion were stolen from Binance, one of the world’s largest digital asset trading platforms, in a cyberattack that, if its scale is fully confirmed, will be the largest in the industry’s history.
According to blockchain analytics firm TRM Labs, a hacker group linked to North Korea is behind the attack, while Binance has temporarily suspended deposits and withdrawals, assuring users that their funds are safe and that it will cover the losses caused by the breach.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
The incident is causing serious concern in the cryptocurrency market, as the perpetrators reportedly managed to move enormous sums of money in a matter of minutes, by leveraging different blockchain networks.
Sky News has described the attack as one of the largest thefts in economic history, while an industry expert called it “the biggest bank heist in human history.”
Despite efforts to mitigate the consequences, the perpetrators still control cryptocurrencies worth billions of dollars.
The TraderTraitor Group and the Heist in 20 Minutes
According to TRM Labs, the attack was carried out by TraderTraitor, a specialized cybercriminal group linked to North Korea.
The operation was reportedly completed in just 20 minutes, while the attacker had been preparing for at least 36 hours prior to carrying it out.
Ari Redbord, chief policy officer at TRM Labs, told Sky News that the attackers managed to transfer billions of dollars through eight different blockchain networks in about 15 minutes.
“This is an extraordinary cyberattack, both in terms of its scale and the reaction it provoked. Very few financial systems have faced theft on this scale,” he said.
The FBI has also linked this group to the 2025 cyberattack against the Bybit platform, during which cryptocurrencies worth approximately $1.5 billion were stolen.
If the total loss of $6.3 billion is confirmed, the new attack will far exceed that incident.
Redbord warned that the theft highlights just how vulnerable digital asset platforms can be to highly organized perpetrators, who are capable of moving enormous sums at unprecedented speed.
Over $3 billion has been frozen—Bitcoin and Ether worth $2.4 billion are in the hands of hackers.
After the security breach at Binance was identified, mechanisms were activated to restrict access to a portion of the digital assets.
According to available information, cryptocurrencies worth more than $3 billion have been frozen to prevent the perpetrators from liquidating them.
However, as TRM Labs’ chief policy officer explained, the attacker still controls approximately $2.4 billion in Bitcoin and Ether, the two largest cryptocurrencies by market capitalization.
The freezing of assets does not automatically mean that the funds will be returned to their rightful owners.
Chapin Faye, executive director of Crypto Watchdog, pointed out that the ability to freeze certain digital assets does not guarantee their recovery.
According to him, the incident highlights the security vulnerabilities even of the largest cryptocurrency exchanges, while customers are entitled to clear answers regarding the protection of their funds and how potential losses will be covered.
What Binance Announced Regarding Its Customers’ Funds
Binance, which claims to have more than 335 million users worldwide, announced that it is urgently reviewing all data related to the cyberattack.
The platform has temporarily suspended deposits and withdrawals, while assuring users that their funds remain secure.
According to the company, the losses caused by the cyberattack will be covered, although the technical details of the breach have not yet been fully clarified.
In a post on Platform X, Binance stated that its security team is reviewing all relevant information as a matter of urgent priority.
At the same time, it warned users to be particularly cautious of potential scams that may arise in connection with the incident.
Binance co-founder Changpeng Zhao also acknowledged that the available evidence points to a cyberattack.
Bitcoin drops 5% – Losses of up to 10% for smaller cryptocurrencies
News of the attack caused immediate turmoil in the digital asset market.
Bitcoin recorded a significant drop; at around 1:00 a.m. on Friday, UK time, it was trading near $77,000, having fallen by about 5% over the past 24 hours.
Other cryptocurrencies with smaller market capitalizations suffered even greater losses, which in some cases approached 10%.
Izabela Kaminska, editor-in-chief of the independent financial publication The Blind Spot and a former Financial Times reporter, noted that, although the decline is significant, it is not unprecedented for a market characterized by sharp fluctuations.
She warned that the consequences may not be limited to the cryptocurrency market, given the closer ties that have developed in recent years between digital assets and Wall Street.
Fears of cyberattacks aided by artificial intelligence
Kaminska described the attack as particularly sophisticated and well-prepared.
As she noted, the incident comes at a time of growing concern about the possibility that serious security vulnerabilities in the financial system could be exploited by artificial intelligence systems capable of autonomously carrying outactions.
She also challenged the commonly held view regarding the decentralized nature of the cryptocurrency market.
According to her analysis, most major trading platforms—and, in some cases, the digital assets themselves exhibit structural characteristics of centralization, similar to those of traditional banking systems.
He highlighted, however, one significant difference: in the event of a cyberattack or insolvency, users of cryptocurrency platforms do not necessarily have protections equivalent to those of bank deposits.
“Unlike banks, when these systems are compromised or become insolvent, there is no recourse to a lender of last resort or a deposit insurance fund. Depositors are on their own,” he emphasized.
The risk of the crisis spreading to the broader financial system
The cyberattack raises new questions about the stability of the cryptocurrency market and its potential impact on the rest of the financial sector.
Kaminska noted that it is still too early to assess whether the incident poses an existential threat to the industry.
However, given the growing interconnection between the digital asset market and traditional financial institutions, he warned that the risk of problems spreading from one sector to the other is no longer zero.
For his part, Jonathan Clodius, CEO of Asymmetric Research, stated that the preparation and techniques used in the attack are consistent with the actions of hacker groups linked to North Korea.
Eric Jardine, head of research at Chainalysis, pointed out that collaboration among companies in the industry helps track and limit the movement of stolen digital assets.
He added that cryptocurrency exchanges are particularly attractive targets for cybercriminals, regardless of the country in which they are located, because they handle very large sums of money.
“Although the scale of this incident is significant, attacks on exchanges are nothing new. Every platform must remain vigilant,” he emphasized.
Source: Protothema.gr
