Binance hit by record crypto hack of about $6.4 billion
BROBROK News · Based on reporting by Decrypt ·
Binance said attackers drained roughly $6.4 billion from its hot wallets, making it the largest crypto theft on record. The company said it will cover the losses with its own funds and emergency reserve while it investigates the breach.
Key points
- The attack targeted Binance’s infrastructure, not the blockchains themselves.
- Investigators linked the incident to TraderTraitor, a North Korea-connected group.
- On Ethereum, the attacker used pre-signed authorizations tied to EIP-7702.
- Tether and Circle froze part of the traced funds, but more than $3 billion remains out of reach.
- Binance paused withdrawals for a systems review and says deposits are still working.
Why it matters
The breach highlights how exchange-level security failures can create major losses even when underlying networks are not compromised. It also shows how stablecoin issuers and law enforcement can slow, but not always stop, large-scale crypto thefts.
Original headline: “Binance Hack: Everything You Need to Know About the Biggest Crypto Heist in History”
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.