Washington, October 31, 2026 (Yes Punjab News)
North Korean hacking group TraderTraitor is suspected of stealing an estimated $6.36 billion in cryptocurrency from Binance, the world’s largest cryptocurrency exchange, in what could become the biggest digital-asset theft on record, according to US blockchain intelligence firm TRM Labs.
The firm said the attack, reported on Thursday, involved the movement of digital assets across 10 blockchain networks, with most of the funds transferred within approximately 20 minutes.
TRM Labs said it had “high confidence” that TraderTraitor was responsible, citing its analysis of cryptocurrency transactions and similarities with previous cyberattacks attributed to North Korean hackers.
According to the firm’s assessment, preparations for the operation began at least 36 hours before the attack. The hackers allegedly gained access to systems used to authorise cryptocurrency transfers, enabling them to move funds without permission.
Around $2.7 billion in stolen assets had been frozen through cooperation among cryptocurrency companies and blockchain operators, TRM Labs said. However, the attackers were still believed to control approximately $2.4 billion in Bitcoin and Ethereum. The firm warned that they could attempt to obscure the funds’ origins by moving them across blockchain networks and cryptocurrency trading platforms.
If confirmed, the theft would surpass the $1.5 billion cryptocurrency heist at exchange Bybit in February 2025, which the US Federal Bureau of Investigation attributed to TraderTraitor.
US officials have previously said North Korea uses overseas networks and foreign-based facilitators, including in China, Russia, Cambodia and Vietnam, to launder stolen cryptocurrency into conventional currency. The funds are alleged to support procurement activities and programmes linked to weapons of mass destruction.
Binance co-CEO Richard Teng said the company was working continuously to address the incident. He assured users that their assets were safe and that Binance would cover hacked losses through company funds.
Teng also said Binance had reserved more than $6.34 billion in company funds for the purpose, including $5 billion already held in the exact token assets affected by the incident.
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