The first question that comes to mind after hearing that Binance, the world’s largest cryptocurrency exchange, was hacked to the tune of $6.2 billion is: How the heck can this even happen?

The hack, which lasted several hours, saw the attacker drain Binance’s wallets, with hundreds of millions of dollars in BTC, ETH, USDC, USDT, and other cryptocurrencies.

UPDATE: Oct. 30, 2026, 2:01 p.m. CET Crypto analysis firm TRM claims with “high confidence” that the hack has been done by North Korea’s “elite hacking unit” called TraderTraitor. The same group was named responsible by the FBI for the $1.5 billion attack on crypto exchange Bybit back in 2025.

The total tally, according…