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Posted on 10/31/2026 7:16:03 PM PDT by SpaceBar
According to TRM Labs, which tracks the industry, digital assets worth more than $6.3bn (£4.7bn) have been taken from Binance by North Korean hackers. This would be the largest cryptocurrency hack to date - and one of the biggest in financial history.
Cryptocurrency worth more than $6.3bn (£4.7bn) has been stolen from a major exchange - with one industry insider telling Sky News it is "the largest bank heist in human history".
The security exploit targeted Binance, one of the world's biggest platforms for trading digital assets, which said it was establishing the facts with urgency.
Deposits and withdrawals were suspended for customers - with the company insisting user funds were safe and all hacking losses would be covered.
According to TRM Labs, a blockchain intelligence firm that tracks the industry, an elite North Korean hacking unit called TraderTraitor was responsible for the theft - and it was completed in just 20 minutes. (continues at link)
(Excerpt) Read more at news.sky.com ...
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The $6.3 billion hack of Binance in October 2026 is the largest cryptocurrency theft and digital asset heist in history, with the F.B.I. and blockchain intelligence firms attributing it to the North Korean state-sponsored hacking unit TraderTraitor.
This single theft dwarfs previous records, such as North Korea’s $1.5 billion heist of the Bybit exchange in February 2025, and exceeds historical traditional heists like Saddam Hussein’s $1 billion looting of Iraq’s central bank in 2003.
The North Korean hacking group known as TraderTraitor (linked to the Lazarus Group) executed a historic $6.36 billion theft from the cryptocurrency exchange Binance in roughly 20 minutes using a multi-layered exploit:
• Compromised Credentials: The attack reportedly started via a compromised laptop belonging to a Binance DevOps engineer, allowing the attackers to gain deep access to internal systems and submit unauthorized withdrawal transactions.
• Abusing EIP-7702 (Smart Contract Authorization): The hackers used pre-signed authorizations under Ethereum’s EIP-7702 standard. This standard allows an ordinary wallet to temporarily run a smart contract’s code.
• Sweeper Contract Execution: They tricked a Binance hot wallet into running a custom “sweeper contract” controlled exclusively by the hackers. This contract immediately drained existing funds across 10 different blockchains (including Ethereum, Bitcoin, Solana, and Tron) and automatically swept new funds as they arrived.
• Multi-Chain Rapid Movement: Within 20 minutes, the group moved billions of dollars across wallets and blockchains at automated speeds before security teams could shut down network withdrawals.
Issuer groups (such as Tether, Circle, and Ripple) managed to freeze about $2.7 billion of the stolen stablecoins, while Binance pledged to cover the remaining losses.
🤣😂🤣
Bitcoin mining pays off for the Norks.
I admittedly do not know much about this but, with AI coming on line how can security be managed?
Looks like hacking, theft, forgery and drug dealing are the main source of income for the Kim regime.
Maybe, it should be taken down somehow.
Remember the old days when the Krypto Kiddies told us that crypto was unhackable, secure forever and the only safe way to have your wealth, because that magical word “Blockchain” made it so???
Impossible! They said so!........
the blockchain didn’t get hacked ... an exchange did. Exchanges are unnecessary to own crypto even though many people use them.
Imaginary money.
Shroedinger’s coins. Not real until it is tangible.
Hope they eventually make an action movie about the record heist.
Good there’s no FDIC insurance at risk.
Still true today...practice “self-custody”...no “exchanges” (i.e. “banks”). Your crypto is untouchable in a cold wallet offline. Only keep a small amount in an online smart phone wallet for convenient exchanges with friends/relatives or purchases. Your main crypto savings should be kept in cold storage offline or on an online “Core” wallet for blockchain mining.
These exchange thefts are password/username related...this one was a Binance dev laptop compromise. Stay away from storing your crypto on exchanges like “Coinbase”...if you buy crypto there move it off ASAP.
“Not your private keys, not your crypto”.
One method of offline seed word (crypto wallet) storage:
Still true today...practice “self-custody”...no “exchanges” (i.e. “banks”). Your crypto is untouchable in a cold wallet offline. Only keep a small amount in an online smart phone wallet for convenient exchanges with friends/relatives or purchases. Your main crypto savings should be kept in cold storage offline or on an online “Core” wallet for blockchain mining.
These exchange thefts are password/username related...this one was a Binance dev laptop compromise. Stay away from storing your crypto on exchanges like “Coinbase”...if you buy crypto there move it off ASAP.
“Not your private keys, not your crypto”.
One method of offline seed word (crypto wallet) storage:
Sorry was a “Gateway Timeout” double-post.
So, how much of this $6 billion bit coin heist will end up in the dem PACs, NGOs & campaign funds for their final push before the election
So, how much of this $6 billion bit coin heist will end up in the dem PACs, NGOs & campaign funds for their final push before the election
Oh, I don’t think Kim is into sharing.
Unless his hackers were contracted by the dems for a cut of the take. Not entirely outside the realm of possibility...
North Korea was my first guess.
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