largest crypto theft on record<\/a>.<\/p>\nA third firm backed the North Korea view. Singapore-based Pangolin Intelligence spoke to CNN. It cited on chain patterns and past cases. A Chainalysis spokesperson also told CNN it had high confidence. North Korea has denied past hacking claims.<\/p>\n
Both TRM and Chainalysis flagged Tornado Cash. They said the attack wallet drew funds through the mixer. A mixer blends coins to hide the trail. TRM said setup work started well before theft day. That early staging matched the Bybit hack. It also matched April’s KelpDAO exploit. On Ethereum the attacker used EIP-7702 delegation. That tool came with Ethereum’s Pectra upgrade.<\/p>\n
Binance said it reserved over $6.34 billion in firm funds. About $5 billion is already held in the hit tokens. The goal is to cover user losses in full. The speed of the drain shocked even pros. Twenty minutes for billions means deep prep. It also means tested exits.<\/p>\n
Why It Matters<\/h2>\n
This is a security event, not a normal market dip. Price swings fade fast. Trust breaks last longer. The size forces focus. About $6.4 billion dwarfs the $1.5 billion Bybit theft. That gap tells you scale has changed. Crews can now drain many chains at once. Ten blockchains in 20 minutes is speed, not luck. Speed points to long prep. TRM said staging began well before theft day. That fits a pro crew with practice.<\/p>\n
The commingling clue matters more. Binance loot mixed live with Bitget loot. Shared pipes often mean shared hands. That link let two firms point to TraderTraitor. It is a second order tell. Reused cash out paths speed the next theft. They also give hunters a trail to watch.<\/p>\n
For users the fear is plain. Will Binance cover all losses. The firm says yes, with over $6.34 billion set aside. About $5 billion sits in the hit tokens now. That cover calms panic but locks up firm cash. Locked cash can limit buys, loans, and deals.<\/p>\n
For the market the rail at risk is exchanges and custody. Exchanges hold keys. Custody keeps coins safe. Settlement moves value. A break at one step shakes the rest. If big venues look soft, traders pull funds. If funds sit idle, trades slow. Watch for proof of full payouts, not words. Words calm a day. Cash calms a month.<\/p>\n
Token Metrics View<\/h2>\n\t\t