Crypto & Finance · VIDEO
Binance hack of $6.3 billion: how North Koreans hacked the wallets
Binance has suffered the largest hack in the history of cryptocurrencies, with a loss of $6.3 billion. On-chain investigators attribute the attack to North Korean hackers who exploited internal infrastructures and wallet signature mechanisms. The attack has raised critical questions about the security of centralized exchange platforms and the protection of hot wallets.
KEY TAKEAWAYS
- The largest hack in cryptocurrency history: $6.3 billion stolen from Binance
- North Korean hackers exploited internal infrastructures and wallet signing mechanisms
- The attack involved multiple blockchains and used advanced techniques such as pre-signed authorizations
- Binance aims to publish the proof-of-reserves report by Monday and to restore withdrawals
- The incident highlights the need to improve the security of private key access infrastructures
Transcript
Binance has suffered the largest cyber attack in cryptocurrency history, with an estimated loss of $6.3 billion. The incident occurred on Thursday, raising concerns about the security of centralized exchange infrastructures.
The attack involved Binance's internal infrastructure and wallet signing mechanisms. On-chain investigators attributed the attack to North Korean hackers. Binance aims to publish its first proof-of-reserves report on Monday.
The attacker compromised a DevOps engineer's laptop, gaining unauthorized access to a service container. The attack was meticulously planned, with the attacker preparing for at least 36 hours before the theft. They used sophisticated methods, including pre-signed authorizations and malicious code distribution across multiple wallets.
Investigators found that the attacker maintained access beyond the initial execution, using owner rights of a compromised wallet to withdraw funds from another Binance wallet. The attacker also converted stablecoins into ETH to avoid freezes and deposited stolen USDT on Aave as collateral.
Binance has about $5 billion in affected assets, with another $1.3 billion acquired to cover losses. Co-CEO Richard Teng stated that the exchange aims to restore withdrawals before a Sunday deadline.
Analysts highlighted the need to protect systems and processes that control access to private keys. The attack caused an immediate 12% drop in the total value of the cryptocurrency market, with Bitcoin losing 9% and Ethereum 8.5%. Competing exchanges saw a significant increase in trading volume.
