Thursdays $6.3 billion Binance cybertheft (~20 minutes) surpasses $1.5 billion Baybit hack in 2025 as the biggest financial heist. Magal and Kishira froze $971 million and $825 million respectively, contributing to $3 billion in total assets frozen by global partners. TRM Labs estimates that $2.4 billion is "beyond the reach of issuers," having been converted into unfreezeable assets like bitcoin. —. The Washington Post Binance halted withdrawals for security checks, and promised a full fix to the customer using corporate funds and its $1 billion bitcoin reserves; Binance. The US was not affected. The entry methodology remains unclear. Binance initially blamed a compromised engineer's laptop, then acknowledged a broader systemic approach. CEO Richard Tang confirmed that a "self-destruct mechanism" erased digital traces, hindering forensics. Attackers used automated shuffling across wallets; Chain has identified stolen assets along with proceeds from an apparent $388 million exchange heist from last month. Two cybersecurity firms attribute the attack to North Korea's Traderbog group based on money flow monitoring. Binance declined to identify perpetrators. TRM Labs estimates that North Korean hackers have extracted $12.8 billion across more than 100 incidents since 2017, against an estimated 2025 GDP of $26 billion. TRM researcher Nick Carlsen estimates that these actions are now the North Korean governments "main source of hard currency revenue. The crisis affects Binance, which was founded in China (2017) without an official headquarters. In 2023 it paid a $4.3 billion fine after pleading guilty to AML violations involving al-Qaeda, ISIS and Hamas (former CEO Changfeng Zhao resigned and was pardoned by the Trump administration). US federal agencies and global law enforcement agencies are investigating.

Thursdays $6.3 billion Binance cybertheft (~20 minutes) surpasses $1.5 billion Baybit hack in 2025 as the biggest financial heist. Magal and Kishira froze $971 million and $825 million respectively, contributing to $3 billion in total assets frozen by global partners. TRM Labs estimates that $2.4 billion is "beyond the reach of issuers," having been converted into unfreezeable assets like bitcoin. —. The Washington Post Binance halted withdrawals for security checks, and promised a full fix to the customer using corporate funds and its $1 billion bitcoin reserves; Binance. The US was not affected. The entry methodology remains unclear. Binance initially blamed a compromised engineer's laptop, then acknowledged a broader systemic approach. CEO Richard Tang confirmed that a "self-destruct mechanism" erased digital traces, hindering forensics. Attackers used automated shuffling across wallets; Chain has identified stolen assets along with proceeds from an apparent $388 million exchange heist from last month. Two cybersecurity firms attribute the attack to North Korea's Traderbog group based on money flow monitoring. Binance declined to identify perpetrators. TRM Labs estimates that North Korean hackers have extracted $12.8 billion across more than 100 incidents since 2017, against an estimated 2025 GDP of $26 billion. TRM researcher Nick Carlsen estimates that these actions are now the North Korean governments "main source of hard currency revenue. The crisis affects Binance, which was founded in China (2017) without an official headquarters. In 2023 it paid a $4.3 billion fine after pleading guilty to AML violations involving al-Qaeda, ISIS and Hamas (former CEO Changfeng Zhao resigned and was pardoned by the Trump administration). US federal agencies and global law enforcement agencies are investigating.