Cryptocurrency exchange giant Binance has launched an intensive operation to restore user trust and reimburse affected customers following what is widely regarded as the largest cyber hack in banking and financial history, resulting in the theft of $6.3 billion (630 crore USD).
The massive security breach occurred in a lightning 20-minute blitz across 10 distinct blockchains. According to blockchain forensics firms TRM Labs and Chainalysis, the sophisticated assault bears the hallmark tactics of North Korean state-sponsored hackers, echoing previous exploits like the 2025 Bybit heist. Co-CEO Richard Teng noted that the attackers infiltrated a laptop and utilized self-erasing malware to bypass hot wallet authorization controls. The breach sent shockwaves through global markets, causing shares of crypto-linked entities such as Coinbase, MicroStrategy, and Robinhood to decline. US President Donald Trump stated that federal agencies are closely monitoring the situation.
Read nextHelicopter Crash in Uttarakhand's Chamoli Kills All 6 Onboard Near Badrinath RouteDespite the unprecedented scale of the loss, swift international coordination has yielded major recoveries. Stablecoin issuer Tether successfully froze $1.57 billion in associated digital assets, while Circle locked over $800 million, bringing total recovered funds to $3 billion (roughly 2 percent of total user assets and reserves, per Co-CEO Yi He). Binance has earmarked $6.34 billion from its corporate treasury and Bitcoin reserve funds to completely cover any remaining shortfall. Technical teams are working around the clock to conclude security reviews, aiming to restore full withdrawal functionality within 34 hours while cooperating extensively with the FBI, US Secret Service, and Abu Dhabi Financial Services Regulatory Authority (AD FSRA).
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Reported by International Desk • Edited by the Daily Best News desk. Send corrections to [email protected].
