North Korean hackers are suspected in the $6.3 billion Binance theft. North Korea’s TraderTraitor unit has been escalating in ambition and capability for years, from the $1.1 billion stolen across five years that South Korean intelligence documented through 2022, to the $1.5 billion Bybit heist in early 2025, to now quadrupling that record in a single operation against the world’s largest exchange. The real question is what this does to the broader argument about cryptocurrency custody and whether centralized exchanges can secure assets at this scale.