North Korea-Linked Hacks: Binance Accounts for 65% of Stolen Funds
A report reveals that Binance accounted for 65% of stolen funds from 12 crypto theft incidents between 2022 and 2026, which had suspected or confirmed ties to North Korea-backed hackers. These thefts totaled approximately $9.74 billion, with $6.3 billion passing through Binance. This data highlights the persistent threat from state-sponsored hacking groups and could lead to increased regulatory pressure on major exchanges.
Binance was involved in 65% of funds stolen by North Korea-linked hackers ($6.3 billion).
A total of approximately $9.74 billion was stolen in 12 incidents between 2022 and 2026.
Other major thefts included Bybit ($1.5 billion) and Ronin/Axie Infinity ($620 million).
The report could lead to increased regulatory pressure on exchanges to enhance security.
Story
A recent report sheds light on the role of state-sponsored hacking groups in crypto theft and the concentration of stolen funds on major platforms. According to the report, Binance accounted for approximately $6.3 billion, or 65%, of the total $9.74 billion stolen in 12 crypto theft incidents between 2022 and 2026, which had suspected or confirmed ties to North Korea-backed hackers. Other major incidents included $1.5 billion stolen from Bybit and $620 million from Ronin/Axie Infinity. These figures point to a persistent and substantial threat from sophisticated hacking groups, with a significant portion of their illicit gains flowing through major exchanges. This could lead to increased regulatory pressure on exchanges to enhance their anti-money laundering (AML) and security protocols. The concentration of stolen funds on a single platform raises questions about the effectiveness of existing security measures and the need for stronger international cooperation in combating cybercrime.
Issue context
The crypto market is experiencing a downturn, with the total market capitalization decreasing by 3.17% over the last 24 hours to $2.6 trillion. Bitcoin and Ethereum are also seeing declines, while the Fear & Greed Index registers "Fear" at 26. Despite these price drops, funding rates for BTC, ETH, and SOL perpetual markets remain positive, suggesting that long positions are still paying shorts. This issue examines recent security incidents, macroeconomic influences, and regulatory developments shaping the market during this period of uncertainty.
Current market conditions show increased volatility and uncertainty. While Binance's fund flows are stabilizing, recent hacks serve as a reminder of ongoing security risks within the ecosystem. Pay attention to macroeconomic developments and regulatory changes, as these can continue to heavily influence market sentiment and liquidity. Your risk appetite should account for these factors.
Market pulse
Fear & Greed
26
Fear
BTC Funding
+0.0085%
20 perp markets · Open Interest $53.5B
BTC Open Interest
$53.5B
24h volume $60.6B · basis +0.014%
ETH Funding
+0.0078%
20 perp markets · Open Interest $33.2B
More from this issue
This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.