The World's Biggest Heist
OpinionThe Real Story Begins After the Theft — Part 2
This article is written by Mariam Dar.
This isn't just the biggest crypto heist in history—it's the single largest theft the world has ever seen, with a staggering ₹60,000 crore stolen from Binance.
Nearly ₹30,000 crore worth of crypto remains in the hacker's hands. Because every transaction on the blockchain is public, the entire world is watching their every move.
That leaves one major question: how will they actually cash out and convert these digital funds into real money?
Let's recap: what actually happened on the night of the heist?
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In a single stroke, 18,000 Bitcoin were siphoned off and immediately split across 19 different wallets.
Then, the race against time began. Stablecoins like USDT are managed by centralized companies that hold a freeze button. Bitcoin and Ethereum, however, have no such kill switch.
Realizing this, the attacker hurriedly swapped millions in USDT for ETH—so hastily that they swallowed up to a 26% loss just to complete the trades.
The freeze order finally came 37 minutes later. While a substantial portion was blocked, a massive amount of funds had already slipped away.
Now comes the thief's next challenge: the blockchain never forgets. Every transaction is permanently etched into the ledger.
And so, the process of covering their tracks began.
Thousands of micro-transfers executed at automated speeds bounced across different blockchains. Next came the mixers—services designed to pool funds from multiple users to obscure their origin.
Did the money vanish into thin air?
Not quite. Last year, the funds stolen in the Bybit hack followed the exact same playbook. A month after the attack, 89% of the money was still traceable, while only 3.5% had been frozen.
Why? Because while the blockchain reveals WHERE the money moves, it doesn't reveal WHO holds the keys.
So, when do they get caught?
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The slip-up usually happens when trying to integrate these funds back into the traditional financial system. This is where specialized brokers—primarily operating out of China and Southeast Asia—enter the picture.
These brokers purchase illicit crypto at a heavy discount, laundering it into Yuan, physical goods, or corporate wire transfers.
This transition point offers investigators their best opportunity: the moment crypto touches a traditional bank account.
Where are these funds ultimately headed?
Leading blockchain forensic firms strongly suspect North Korean state-sponsored actors are behind the heist.
According to a joint report published by 11 nations, proceeds from North Korean cyber-heists are directly channeled into funding weapons and ballistic missile programs.
Similarly, US and South Korean intelligence agencies attributed the nearly ₹2,000 crore WazirX exploit to North Korean hackers.
How could an everyday user get caught in the crossfire?
If you trade crypto peer-to-peer (P2P) with an unverified party and unknowingly accept funds linked to stolen assets or fraud, law enforcement can freeze your bank account as part of the investigation.
While ₹30,000 crore sits in plain sight on the ledger, cashing it out requires legitimate bank accounts as exit ramps.
Make sure your account isn't one of them.
Now, putting news aside, let's break down some core crypto trading basics.
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Understanding the main trading styles in crypto:
1. The Scalper: Executes rapid trades over minutes, demanding intense discipline and strict rule-following.
2. The Swing Trader: Holds positions across days or weeks, navigating the tension between fear of missing out (FOMO) and patient holding.
3. The HODLer: A long-term investor committed to holding assets for over a year, requiring strong emotional control through market volatility.
4. The Alpha Hunter: An early adopter driven by deep research, taking calculated risks for high potential returns.
5. The Hybrid: Blends multiple strategies—a flexible approach that offers balance, but risks strategy fatigue if unmanaged.
Ultimately, long-term success in crypto comes down to recognizing your natural trading style, refining a clear strategy, and tuning out the noise of others.
Don't forget to comment down: Which type of trader are you?
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This article is written by Mariam Dar.
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