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Binance Reports $6.3B Hack, Freezes Billions
· Confirmed
In Short: Cryptocurrency giant Binance reports a $6.3 billion security breach, likely linked to North Korea.
Cryptocurrency exchange Binance reported a security breach involving $6.3 billion in digital assets, potentially the largest hack in history. The incident affected Binance.com, while Binance.US remained unaffected.
Binance founder Changpeng Zhao said the incident appears to be a hack, and the company is working with blockchain partners to freeze affected assets, with roughly $3 billion frozen so far. Circle and Tether also froze assets linked to the incident, totaling over $2.4 billion.
Jeremy Allaire, CEO of Circle, said his firm is closely tracking reports of a potential exploit involving Binance and had frozen more than $800 million in assets linked to the incident. Tether CEO Paolo Ardoino reported freezing around $1.6 billion.
TRM Labs, an AI-powered investigations company, said the Binance attack resembles previous incidents linked to North Korea, including the Bybit hack. TRM Labs has high confidence that the North Korean group TraderTraitor is linked to the hack.
Western security agencies have previously said stolen funds are used to finance North Korea’s nuclear weapons and missile development programs. Binance is investigating suspected North Korean hackers and promises to cover all losses.
Some social media reports cited suspicious outflows of up to $5.8 billion, citing onchain data that shows about $3.55 billion in incoming transfers to an unlabeled wallet. Binance said it is working closely with law enforcement partners to confirm the identity of the criminals and bring them to justice.
The incident has raised concerns in the cryptocurrency market, with some reports suggesting a market downturn following Binance’s disclosure. Binance has disabled withdrawals until the environment is confirmed to be secure.
In 2024, Binance reported having more than $160 billion in assets under custody. The company is investigating the breach and working to ensure the security of its platform.
Background
Binance has worked with blockchain partners to freeze affected assets, with roughly $3 billion frozen so far.
Cryptocurrency giant Binance said Thursday that $6.3 billion of digital assets were impacted by what it described as the largest hack in history.
What's confirmed
- Two major cryptocurrency platforms, Tether and Circle, said they had frozen about $2.4bn in assets in response to the potential Binance hack.
- Chainalysis, another cryptocurrency analytics firm, also said it has “high confidence” that the North Korean group is linked to the hack.
- Western security agencies have previously said stolen funds are used to finance North Korea’s nuclear weapons and missile development programmes.
- The incident affects Binance.com, while Binance.US, the smaller cryptocurrency platform that provides trading services specifically for American residents, said its platform was not affected.
- AI-powered investigations company TRM Labs said several elements of the Binance attack resemble previous incidents linked to North Korea, including the Bybit hack.
- TRM Labs’ global head of policy, Ari Redbord, told the BBC the Binance hack is a “watershed moment” that is unlike anything the industry has seen.
- Blockchain analysts said a North Korean hacking unit was likely behind the theft of more than $6 billion from Binance, the world's largest cryptocurrency exchange.
- A spokesperson for Binance stated that the company is aware of reports related to a potential security issue and is conducting an immediate investigation.
- The company said in 2024 that it had more than $160bn in assets under custody.
- “Safety first: withdrawals are currently disabled until the environment is confirmed to be secure,” she said.
What's still developing
- President Trump is probing North Korea's alleged role in the Binance hack.
- Binance sufre el mayor hackeo cripto de la historia con más de 5.600 millones El posible ataque a Binance superaría los 3.500 millones de dólares, el mayor hackeo cripto These headlines describe reported market effects or concern following the suspected breach.
- The cryprocurrency exchange Binance is investigating a suspected hack after billions of dollars moved from wallets associated with the exchange on October 29, 2026.
- Cryptocurrency giant Binance said on Thursday that $6.3bn (£4.7bn) of digital assets have been impacted by what is thought to be the biggest crypto hack on record.