Binance crypto theft: Here's how North Korean hackers perfected the heist, stole $6.3 billion in 20 minutes | Details

Binance, the world's largest cryptocurrency exchange, recently became the target of North Korean hackers, who stole an estimated $6.3 billion within 20 minutes.

According to Axios, North Korean hackers have carried out the world’s biggest cryptocurrency heist, building on more than a decade of financial theft and disruptive cyberattacks. Their cryptocurrency thefts have now grown into an industrial-scale operation.

The suspected hackers behind the massive $6.3 billion Binance theft seemingly combined familiar hacking tactics with extraordinary speed and automation, raising concerns regarding the use of artificial intelligence (AI) and how it could supercharge their already sophisticated methods.

Citing researchers at TRM Labs, the report added that the hackers started preparing for this attack roughly 36 hours before it began. They also laundered the stolen funds and wiped out evidence of their operations at an unprecedented speed, indicating they used automation throughout the heist.

Eric Jardine, head of research at Chainalysis, said, "There were transactions happening with a frequency and a scale that just meant there could not have been someone involved in the approval of these," and added, "It had to have been done by a computer."

According to Binance co-CEO Richard Teng, the attackers used a "self-destruct mechanism that destroyed tooling and traces."

The Federal Bureau of Investigation (FBI) has since attributed the theft of more than $6 billion from Binance to North Korea, identifying the operation as TraderTraitor. In a statement released on Saturday (local time), the bureau said that this week's attack was tied to "malicious cyber activity" by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.

The bureau further said that its preliminary probe revealed that TraderTraitor was converting stolen assets into a cryptocurrency called Ethereum, AP reported, adding that the FBI now expects the group to try to convert the assets using DeFi and "instant swap services."

North Korean hackers are only getting faster and better at carrying out these attacks, according to experts. Some of the previously known attacks include:

1. In 2016, hackers tried to steal roughly $1 billion from Bangladesh's central bank and managed to steal $81 million.

2. In 2017, North Korea was accused of being behind the WannaCry ransomware outbreak, which disrupted hundreds of thousands of computers in over 150 countries.

In the last few years, North Korea has increasingly targeted cryptocurrency exchanges, partly because digital assets are easier to move and launder across borders, though these thefts often leave a more traceable record.

The theft highlights the growing scale and speed of North Korean cyberattacks, raising questions about how cryptocurrency exchanges can strengthen their defences against increasingly sophisticated hackers.

Swati Gandhi is a digital journalist with over four years of experience, specialising in international and geopolitical issues. Her work focuses on foreign policy, global power shifts, and the political and economic forces shaping international relations, with a particular emphasis on how global developments affect India. She approaches journalism with a strong belief in context-driven reporting, aiming to break down complex global events into clear, accessible narratives for a wide readership.<br><br> Previously, Swati has worked at Business Standard, where she covered a range of beats including national affairs, politics, and business. This diverse newsroom experience helped her build a strong grounding in reporting, while also strengthening her ability to work across both breaking news and in-depth explanatory stories. Covering multiple beats early in her career has helped her be informed about her current work, allowing her to connect domestic developments with wider international trends.<br><br> At Live Mint, she focuses on international and geopolitical issues through a business and economic lens, examining how global political developments, foreign policy decisions, and power shifts impact markets, industries, and India’s strategic and economic interests.<br><br> She holds a Bachelor’s degree in English (Honours) from the University of Delhi and a Master’s degree in Journalism and Mass Communication from Guru Gobind Singh Indraprastha University. Her academic training has shaped her emphasis on precision, analytical rigour, and clarity in writing. Her interests include global political economy and the intersection of geopolitics with business.<br><br> Outside work, Swati focuses on exploring her passion and love for food. From fancy cafes to street spots, Swati explores food like a true foodie.

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HomeMarketsCryptocurrencyBinance crypto theft: Here's how North Korean hackers perfected the heist, stole $6.3 billion in 20 minutes | Details

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