Binance suffers historic $6.3b crypto theft

Binance, the world's largest cryptocurrency exchange platform, reported a massive breach resulting in the theft of approximately $6.3 billion, marking what is believed to be the largest heist in crypto history.

Following the incident, the platform temporarily suspended all deposits and withdrawals on Thursday.

Initial investigations revealed that a hacker executed unauthorized transactions through a compromised engineer's laptop. Binance assured users in a statement that their funds remain secure and confirmed that the platform will fully absorb all financial losses.

In a statement to Al Jazeera, Binance noted that its team is working round the clock to deliver a safe and complete resolution while collaborating closely with law enforcement agencies to identify and prosecute the perpetrators. The platform added that a comprehensive technical post-mortem report will be released once investigations conclude.

Blockchain intelligence firm TRM reported that North Korean hacking group 'TraderTraitor' is suspected of carrying out the cyber attack. Ari Redbord, Global Head of Policy at TRM, described the breach as "unprecedented."

Redbord told Al Jazeera that North Korea utilizes stolen crypto assets to fund weapons proliferation and destabilizing activities, turning the heist into a critical issue of global security.

Following news of the security breach, Bitcoin dropped nearly 5 per cent, falling below $77,000.

-SA