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Binance Reports $6.3B Hack, Likely Linked to North Korea
· Confirmed
In Short: Cryptocurrency giant Binance has reported a security breach involving $6.3 billion in digital assets, potentially the largest hack in history.
Binance, the world's largest cryptocurrency exchange, reported a security breach on Thursday, October 29, involving $6.3 billion in digital assets, which could be the largest hack in the history of the cryptocurrency industry.
The company has disabled withdrawals and is working closely with law enforcement to confirm the identity of the criminals involved and bring them to justice.
According to Binance CEO Changpeng Zhao, the incident appears to be a hack, and the company is investigating the extent of any losses.
Two major cryptocurrency platforms, Tether and Circle, have frozen about $2.4 billion in assets linked to the incident, with Circle freezing over $800 million and Tether around $1.6 billion.
AI-powered investigations company TRM Labs has linked the attack to TraderTraitor, a North Korean hacking unit, although Binance has not confirmed the group’s involvement.
Western security agencies have previously said that stolen funds from such hacks are often used to finance North Korea’s nuclear weapons and missile development programs.
TRM Labs’ global head of policy, Ari Redbord, told the BBC that the Binance hack is a “watershed moment” that is unlike anything the industry has seen.
Binance.US, the smaller cryptocurrency platform for American residents, said its platform was not affected by the incident.
The company is working with blockchain partners to freeze affected assets, with roughly $3 billion frozen so far.
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.
The incident has raised concerns about the security of the cryptocurrency industry and the potential for state-sponsored cyberattacks.
Binance founder Changpeng Zhao emphasized that safety is the top priority and that the company is committed to covering all losses.
What this adds
Binance has worked with blockchain partners to freeze affected assets, with roughly $3 billion frozen so far.
The extent of any losses remains unclear, although Binance founder Changpeng Zhao said the incident appeared to be a hack.
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
- “Protecting the industry and our partners is our main priority,” said Ardoino, whose company issues a cryptocurrency known as USDT.
- 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.
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.
- Hackers stole more than $6 billion in cryptocurrency on Thursday in what has become the largest heist of its kind, with several investigators pointing to North Korea as being behind the attack, CNN reported.
- The cryprocurrency exchange Binance is investigating a suspected hack after billions of dollars moved from wallets associated with the exchange on October 29, 2026.