The incident is being described as one of the biggest cryptocurrency hacks in history. Following the reported attack, Binance suspended withdrawals, meaning users could not withdraw funds or cryptocurrencies held in their accounts until security checks were completed.
The reported theft has also affected cryptocurrency market sentiment. Bitcoin and several other digital currencies reportedly fell by more than 5% following the incident.
According to blockchain research firm TRM Labs, North Korea was allegedly behind the cyberattack. However, the claim of North Korean involvement has been attributed to the research firm and should be treated as an allegation until independently established.
Cryptocurrency is a form of digital asset that can be bought and sold online. Unlike traditional currencies, it is not directly issued by a government or central bank and operates using blockchain technology.
The reported incident has once again raised concerns about the security of cryptocurrency exchanges and the risks associated with holding digital assets on online trading platforms. Further details about the investigation and the recovery of the allegedly stolen funds were not provided in the report.
