The cryptocurrency heist of the century has just taken place; hackers made off with $6.3 billion—Bitcoin Plunge

The largest cryptocurrency heist in human history, the theft of $6.3 billion from Binance, the world’s largest cryptocurrency exchange with 300 million users.

Binance“
The attack began with a breach of a company engineer’s laptop, which allowed the attacker to gain access to a service container and submit unauthorized withdrawal transactions”

The operation was completed in just 20 minutes, with the perpetrators managing to move billions across 8 blockchain networks.
An alarm was
immediately triggered, with cryptocurrency platforms blocking the transfers made by the hackers and freezing half of the affected funds to prevent their liquidation. But the damage had already been done.

DINOS PASTOS—Cybersecurity Expert: “They managed
to gain access to a smart wallet that manages several billion. It was done remotely, so it’s difficult to track them down unless they make a mistake.”
Binance has temporarily suspended deposits and withdrawals, assuring customers that
it will cover their losses.
 
According to experts, the North Korean hacker group TraderTraitor—which has been linked to cyberespionage operations—is behind the attack.

North Korea’s involvement adds a geopolitical dimension to the case, as Pyongyang has been repeatedly accused by the West of using cyberattacks to acquire foreign currency and finance state activities.
 
Pangolin Intelligence Analyst: “I believe
the cat-and-mouse game has only just begun. North Korea is likely preparing to leverage a network of money-laundering organizations in an effort to liquidate the stolen funds.”
 
DINOS PASTOS—
Cybersecurity Expert: “North Korea has specialized teams working for the state to bring money into the country in this way. In other words, they steal money from platforms and companies.”
 
News of the attack triggered a market crash this morning, with Bitcoin falling to $76,470, while Ethereum posted losses of over 3%.
 
DINOS PASTOS—Cybersecurity Expert: “It also affects
market confidence, just as it does on the stock market.”

The latest cyberattack brings serious questions back to the forefront regarding the security of digital transactions—due to the concentration of massive amounts of funds on centralized cryptocurrency exchanges—as well as the exploitation security vulnerabilities in artificial intelligence systems.

See the report by Christoforos Nestoros:

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