crypto hack, USA News: Hackers stole £4.7billion 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 it worked with partners to freeze the affected assets, with about £2.2billion located so far. It did not mention the status of the remaining £2.7billion, and its co-founder Yi He said the exchange would cover all hacking losses. Binance noted that its deposits were unaffected and expects to resume withdrawal services within 48 hours.
TRM said 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. North Korea’s mission in Geneva and its embassy in China have not yet commented on the allegations. Industry experts and analytics firm Chainalysis noted the incident could be the world’s biggest crypto heist. Aravind Srinivasan, head of GSR’s systematic OTC business, called it the biggest hack in history, while Ari Redbord, chief policy officer of TRM Labs, described it as the largest bank heist in human history.
Investigation and Wider Industry Impact
An initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers, letting an attacker gain access to a system and make unauthorized withdrawals. Binance stated its security team is tracing the full attack path through the compromised computer which may be the entry point.
Beyond potential asset losses, analysts indicated the security breach would likely have wider ramifications for crypto, which had already faced pressure from higher US interest rates and softer demand from exchange-traded fund buyers. Tim Sun, senior researcher at HashKey Group based in Hong Kong, stated it may further dampen risk appetite and prompt investors to reassess safety on centralised exchanges. Binance US stated it was not affected by the security incident.
