Binance, the world's largest cryptocurrency exchange, has temporarily suspended its trading due to a major hack linked to a hacking unit from North Korea. This hack, attributed by blockchain experts to the hacking unit TraderTraitor, resulted in the theft of over $6 billion from users' assets.
Trading Suspension and Asset Security
Binance announced that it has temporarily halted deposits and withdrawals to conduct security investigations. The company also stated that it has blocked approximately $3 billion of assets affected by this hack. Reports indicate that hackers transferred about $6.36 billion from Binance wallets within 20 minutes, making this event the largest cryptocurrency theft in history.
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Investigations and Reactions
TRM, a blockchain analytics firm based in the United States, attributed the attack to the hacking unit TraderTraitor and stated that they made this judgment with a high level of confidence. The company also noted that several features of this attack match previous thefts linked to North Korea, including the Bybit hack. Bybit lost $1.5 billion in February 2025 due to a hack that the FBI attributed to North Korea and TraderTraitor.
Binance is currently working with law enforcement agencies to identify and apprehend the criminals. The company has stated that it found no evidence of a leak of private wallet keys and estimates that the hackers infiltrated a software infrastructure engineer's laptop and gained access to internal services.
Consequences and Market Impact
The news of this hack caused a 3.2% drop in Bitcoin's value last night, with its price falling below $79,000. Additionally, headlines from active editors in the cryptocurrency industry have addressed this issue and expressed concern for user security. Meanwhile, Tether has blocked about $1.6 billion of its cryptocurrency (USDT) and Circle has also blocked around $800 million of USDC.
