Binance freezes assets after US$6.3 billion heist, crypto industry's biggest - CNA

The hackers behind the raid were from North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. 

A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken on Jun 8, 2023. (Illustration: Reuters/Dado Ruvic)

Hackers stole US$6.3 billion from Binance, the world's largest cryptocurrency exchange, in what analysts say is the biggest crypto hack ever, an attack that could prompt investors to rethink the risks of owning digital assets.

The hackers behind the raid were from North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. The attackers targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, TRM Labs said in a statement.

Binance said it worked with partners to freeze the affected assets with about US$3 billion located so far. It did not mention the status of the remaining US$3.3 billion, and its co-founder Yi He said the exchange would cover "all hacking losses".

Binance said its deposits were unaffected and it expects to resume withdrawal services in the next 48 hours.

CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less 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.

"We make this judgment with high confidence," it said in a statement.

"When North Korea is involved in a hack, that means those funds will be used for weapons proliferation and other types of destabilising activity," Ari Redbord, TRM's global head of policy, told CNA's Asia Now.

Redbord added that the attackers would have to launder the stolen funds and move them "off the blockchain" to be able to use them.