Binance, USA News: Hackers stole £4.7 billion from the world’s largest cryptocurrency exchange, in what analysts say is the biggest crypto hack ever. The attackers, reportedly from North Korea, targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, analysis firm TRM Labs said in a statement.
Binance stated that it worked with partners to freeze the affected assets, with about £2.2 billion located so far. The exchange did not mention the status of the remaining £2.7 billion, while co-founder Yi He announced that the platform would cover all hacking losses. Binance also noted that customer deposits were unaffected and expected to resume withdrawal services within 48 hours.
Investigation and Attribution
TRM Labs stated that several features of the attack matched earlier heists linked to North Korea, including a 2025 hack of crypto exchange Bybit that the US Federal Bureau of Investigation had attributed to Pyongyang. Ari Redbord, chief policy officer of TRM Labs, told Sky News that the event represented an extraordinary theft in terms of size and response, describing it as the largest bank heist in human history.
An initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers, allowing an attacker to gain access to a system and make unauthorized withdrawals. Binance’s security team is actively tracing the full attack path through the compromised computer.
Market Impact
Industry experts noted the incident could carry wider ramifications for the cryptocurrency market, which has faced pressure from higher US interest rates and softer exchange-traded fund demand. Tim Sun, a senior researcher at HashKey Group, warned that the breach may dampen risk appetite and cause investors to reevaluate asset safety on centralized exchanges.
Binance US, a separate entity, confirmed it was not affected by the incident. Meanwhile, North Korea’s mission in Geneva and its embassy in China have not yet commented on the allegations.
