The alleged cyber attack on Binance, the world’s leading cryptocurrency trading platform, has raised serious questions about the security of the digital financial system. According to the information revealed, within just 20 minutes the attackers transferred crypto assets worth about $6.36 billion to other accounts through different digital networks. In Indian currency this amount is more than Rs 50 thousand crores. If the investigation confirms this loss, it can be counted among the biggest theft in the history of digital currency.
American blockchain investigation organization TRM Labs has suspected the role of TraderTraitor, a notorious cybercriminal group linked to North Korea, behind this incident. Binance, on the other hand, has said it is taking steps to freeze the affected assets and protect the interests of its customers. After the incident, there has been a lot of activity in the crypto market.
Amount withdrawn through different digital networks
According to US-based investigative company TRM Labs, cybercriminals used ten different blockchains instead of relying on a single network. Large amounts of digital assets were transferred rapidly in this manner. The investigating agency claims that available digital traces link the attack to North Korean hacker group TraderTraitor. Jonathan Levin, co-founder of blockchain analytics company Chainalysis, also pointed to the group’s potential role on the social medium. According to him, the method of attack is similar to cyber incidents reported earlier. However, the final conclusion regarding the responsibility of any group can be drawn only after investigation.
Binance tried to freeze the affected assets
After the incident came to light, Binance called it a very complex cyber attack. According to the company, the action has been taken in collaboration with partners in the blockchain sector to freeze approximately $3 billion of affected digital assets. The purpose of freezing such assets is to prevent attackers from being able to easily convert them into cash by transferring them to other accounts. The company has said it will work closely with law enforcement agencies and relevant industry organizations. The report also claims that financial reserves of $6.34 billion have been set aside to deal with losses and protect the interests of users.
The company gave assurance regarding customers’ money
After this incident, it is natural for Binance customers to be worried about their investments. The company has claimed that users’ assets are safe. As a precautionary measure, information about temporary ban on deposit and withdrawal facilities has also come to light. According to the report, the company expected to resume withdrawal services within approximately 45 hours. However, any customer should rely only on the official information of the company and the information available in the account to know the actual status of his account. Freezing the affected assets and recovering them are two different processes.
North Korea’s hacker group has already been accused
TraderTraitor is believed to be linked to North Korea’s notorious Lazarus cyber group. This group has already been accused of many major digital attacks. The name of Lazarus Group also appeared in the cyber attack on Sony Pictures in 2014. The US investigative agency FBI also held TraderTraitor responsible for the theft of about $1.5 billion that took place on the Bybit crypto platform in February 2025. If the allegations related to the current incident prove to be true, it will be a much more serious matter than previous major incidents.
Fall in Bitcoin and other digital currencies
After the news of cyber attack came to light, selling pressure has been reported to increase in the crypto market. According to the report, the price of Bitcoin fell by about four percent to $77,465. Ethereum also recorded a weakness of five to six percent, while Binance’s own digital currency BNB was down about one percent. This incident has once again proved that investing in digital assets also comes with cyber security risks.