The Atlantic · 2026-10-30 22:33 UTC

Crypto's Biggest Heist Ever

Hackers stole approximately $6.3 billion from Binance in about 20 minutes, the largest cryptocurrency theft ever; North Korean hackers are suspected, and Binance says about half the stolen funds have been frozen. Separately, at least $2.6 million was drained from Polymarket accounts due to a flaw in a third-party provider; both platforms say they will cover losses in full. The incidents highlight fundamental risks in crypto-backed platforms, where customers typically have less recourse than with traditional banks and FDIC insurance.

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