Home · Business · Oct 30 archive
Binance Reports $6.3B Security Breach Likely Linked to North Korea
· ConfirmedShare on
In Short: The world's largest cryptocurrency exchange, Binance, reported a $6.3 billion security breach on Thursday, making it the largest cryptocurrency theft on record.
The world's largest cryptocurrency exchange, Binance, reported a $6.3 billion security breach on Thursday, making it the largest cryptocurrency theft on record. The hack moved about $6.36 billion out of Binance wallets on ten blockchains, according to the firm.
An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes, the firm said. The attack was linked to a North Korean cyber unit, likely the TraderTraitor hacking group.
Binance founder and CEO Changpeng Zhao said the company would cover all hacking losses. Zhao added, “as a shareholder, I expect all user funds will be fully covered.”
Binance said it had suspended all deposits and withdrawals and that about $3 billion in funds had been frozen following the apparent hacking. The company said it would cover all losses, adding that user funds were “safe.”
Binance said an initial investigation suggested that a hacker had been able to make unauthorized transactions after gaining access to an engineer’s compromised laptop. The company said it was working with law enforcement agencies, token issuers, and blockchain intelligence firms to trace and freeze additional assets.
Binance said it has reserved more than $6.34 billion of company funds to cover the stolen assets and was beginning to recover assets for users. About $27 million in stablecoins and around $2 million in World Liberty tokens were involved.
The FBI is working with government and industry partners after hackers stole an estimated $6.3 billion from cryptocurrency exchange Binance, an attack researchers have linked to North Korea.
In December 2022, South Korea’s spy agency said North Korean hackers had stolen an estimated 1.5 trillion won ($1.1 billion) in cryptocurrency and other virtual assets in the past five years, more than half of it in 2022 alone.
Binance customers withdrew $3.6 billion of assets from the world's biggest cryptocurrency exchange as it reopened on Sunday following what is believed to be the largest hack in history. Sunday's net withdrawals account for just over 2% of the $171 billion of assets under its management.
Sean Foley, an expert in crypto markets at Macquarie University in Sydney, told Al Jazeera that a blow to confidence in Binance risks shocking confidence to many retail investors, which could dampen prices of crypto assets.
What this adds
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. The attack was linked to the TraderTraitor hacking group, also known as the Lazarus Group.
Background
The world's largest cryptocurrency exchange, Binance, reported a $6.3 billion security breach on Thursday, making it the largest cryptocurrency theft on record.
The world's largest cryptocurrency exchange, Binance, reported a $6.3 billion security breach on Thursday, making it the largest cryptocurrency theft on record.
What's confirmed
- The hack moved about $6.36 billion out of Binance wallets on 10 blockchains, it says, making it the largest cryptocurrency theft on record.
- "An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes," the firm said.
- A U.S.-based blockchain intelligence firm says a North Korean unit was likely behind the hack that impacted more than $6 billion on Binance, the world’s biggest cryptocurrency exchange.
- 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.
- Zhao, who founded the Binance platform in 2017, said "as a shareholder, I expect all user funds will be fully covered."
- Binance said the effort included $27 million in stablecoins and around $2 million in World Liberty tokens.
- TRM attributes the attack to TraderTraitor, North Korea’s elite hacking unit.
- Another blockchain analysis firm, Chainalysis, also believes the Binance hack was likely done by TraderTraitor.
- About $US3 billion ($A4.3 billion) had been located so far, it said, giving no update on the status of the remaining $US3.3 billion ($A4.7 billion) as Binance co-founder Yi He said the company would cover "all hacking losses".
- In December 2022, South Korea’s spy agency said North Korean hackers had stolen an estimated 1.5 trillion won ($1.1 billion) in cryptocurrency and other virtual assets in the past five years, more than half of it in 2022 alone.
- “Our teams are working around the clock to resolve this issue safely and thoroughly,” Binance said in a statement to Al Jazeera.
- Binance, the world’s biggest cryptocurrency exchange, said Friday that hackers stole more than $6 billion in what appears to be the largest cryptocurrency heist on record.
What's still developing
- Binance-linked BNB declined by more than 8% over the previous 24 hours.
- However, Binance has not confirmed the identity of the attackers, and investigations are still underway.
- By Audrey Simons | Published: 10/30/2026, 2:59:36 PM EDT Binance logo and hacker code in an illustration taken on Oct. 30, 2026.
- “We are working nonstop to resolve this,” Binance's co-CEO Richard Teng said Friday in a video posted to X.
- Partly cloudy early followed by cloudy skies overnight.
- Rain early...then remaining cloudy with showers overnight.
- Some 80% of stolen assets have been secured, a Binance spokesperson said on Friday, but the rest remains unaccounted for.
- The nation has systematically developed its cyber operations, recruiting the most promising students from universities and channeling them into hacker groups overseen by North Korea's intelligence agency, according to reports.
- Trump addressed the Binance hack, stating that the U.S. is investigating possible North Korean involvement.
- Watch: What we know about Binance's $6.3bn hack and what to do if you're affected Binance said it had replaced customers' assets using a combination of sources, including its corporate treasury as well as its futures insurance and emergency reserve funds.