Binance reports $6.3bn theft in largest crypto hack on record
The world's largest cryptocurrency exchange says digital assets were stolen in a security incident attributed to North Korean hackers.
At a glance
- Binance reported $6.3 billion in digital assets stolen in what analysts call the largest crypto hack in history
- The exchange suspended deposits and withdrawals; $3 billion in funds were frozen with help from other platforms
- TRM Labs attributed the attack to North Korean hacking unit TraderTraitor with high confidence
- Binance said it would cover all losses and that user funds remained safe
Binance said approximately $6.3 billion in digital assets were stolen in what has been described as the largest cryptocurrency heist in history. The exchange suspended deposits and withdrawals, and about $3 billion in funds were frozen with assistance from other platforms. The company said an initial investigation suggested a hacker gained access through a compromised engineer's laptop and made unauthorized transactions. Binance said it would cover all losses and that user funds remained secure.
Analytics firm TRM Labs attributed the incident to a North Korean hacking unit called TraderTraitor, saying it resembles earlier North Korean-linked attacks including a $1.5 billion hack on Bybit exchange in 2025. TRM's chief policy officer described the Binance incident as a watershed moment for the industry, noting that the attacker still holds a substantial portion of the stolen assets.
Why it matters
The theft eclipses the previous record of $1.5 billion from a 2025 Bybit hack, marking a significant security incident in the cryptocurrency industry.
Original reporting
- BBC News — WorldCrypto giant Binance hit by 'largest hack in history'
- Saudi Gazette — LatestCrypto giant Binance says $6.3bn assets stolen in 'largest hack in history'
This brief was written with AI assistance from the reports listed above and checked against our editorial policy. Spotted an error? Request a correction.
