A Western Journal report says about $6.3 billion in cryptocurrency was stolen from Binance, one of the world’s largest exchanges, in what one industry insider quoted by Sky News called “the largest bank heist in human history.”
Sky News: 20-minute strike, NK-linked crew
Western Journal, citing Sky News, reports that TRM Labs attributed the breach to a North Korean hacking unit known as TraderTraitor and said the robbery was completed “in about 20 minutes.” Ari Redbord, TRM Labs’ chief policy officer, told Sky News the money was pushed across blockchain networks worldwide “in about 15 minutes,” calling it “an extraordinary hack, for its size and for the response.”
Binance’s response
According to Western Journal, Binance said customer funds would be safe and all losses covered. The outlet also reported Binance froze all transactions and said customers would be able to access accounts within two days.
What investigators and experts are saying
Reuters reported the FBI and U.S. Secret Service are involved. The FBI said it was “aware of the incident and is engaged with relevant public and private partners to understand the scope of the activity, evaluate potential impacts, and coordinate appropriate investigative steps.”
Western Journal, citing the New York Post, reported Binance co-CEO Richard Teng said the company “uncovered additional points of breach,” describing a “self-destruct mechanism” that made tracing harder. The Post also reported that U.S. officials have said cybercrime attacks fund roughly half of North Korea’s missile program.
Industry commentator Izabella Kaminska, quoted by Western Journal, said the attack “appears to be a highly sophisticated and well-rehearsed attack,” adding that many crypto platforms are structurally centralized but lack a lender of last resort or deposit insurance—leaving depositors exposed when things go wrong.
Wider backdrop
Western Journal noted that $1.5 billion was stolen from the Bybit exchange last year.
