A North Korean hacking intelligence firm was likely behind the theft of more than six billion dollars on the world’s biggest cryptocurrency exchange, Binance, a US-based blockchain intelligence firm has said
Blockchain analytics firms and security analysts have attributed the attack with high confidence to Trader Traitor also known as the Lazarus Group, a state-sponsored North Korean cybercrime syndicate previously linked to other major heists like the Bybit attack
Around $6.3 billion to $6.4 billion in cryptocurrency was drained from Binance hot wallets across ten different blockchains (including Ethereum, Bitcoin, Tron, Solana, and XRP Ledger).
Attackers reportedly compromised a developer’s laptop and abused an Ethereum multi-signature protocol feature (EIP-7702), turning hot wallets into automated sweepers that funneled incoming and existing funds to attacker-controlled addresses.
Binance co-CEO Richard Teng says:
Customer accounts and direct user holdings were not accessed. Binance pledged to cover all losses from its own reserves.
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