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Cryptocurrency worth $6.3 billion was stolen from Binance wallets in the largest-ever digital-asset theft. According to an analysis by TRM Labs, attackers breached the infrastructure responsible for validating transactions and ordered the wallets to be drained; most of the attack was carried out in about 20 minutes. Around half of the stolen assets were frozen. Binance said customer losses would be covered by its user-protection fund and company resources. The attackers’ identities have not been established, although the attack resembled operations attributed to North Korean hackers. The breach has raised concerns about trust in the cryptocurrency market, as prices have fallen and the market capitalization of stablecoins has declined.
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