NEW STRAITS TIMES · 2026-11-12 15:20 UTC

Binance heist reveals uphill battle against hackers

A North Korean hacking group allegedly stole US$6.3 billion from Binance in an Oct 29 heist, described by experts as the largest cryptocurrency theft ever. Binance's initial investigation said the attack unfolded in minutes after months of planning, and experts say a single compromised employee can provide the foothold. Experts cite inconsistent security practices and reluctance to adopt internal controls such as circuit breakers, and note more than US$22.3 billion has been stolen from crypto hacks since 2021 per Chainalysis.

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