How big a deal is the $6.3bn crypto heist, who did it, and are investments safe?
The incident at Binance could be the biggest theft of any kind in history. We answer some key questions
TL;DR
- Binance, the world's largest crypto exchange, suffered a $6.3bn heist, possibly by North Korean hackers.
- This is considered the largest theft of any kind in history, surpassing previous crypto and even pre-crypto era heists.
- The hack was attributed to a compromised engineer's laptop, which allowed attackers to access and drain 'hot' wallets.
- North Korea, through units like TraderTraitor, has a history of crypto heists due to the asset class's less regulated and easier-to-launder nature.
- Binance has pledged to cover all customer losses, but users lack traditional government-backed deposit insurance.