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Binance Says $6.3 Billion in Crypto Stolen in Suspected Hack
Confirmed
In Short: While Binance has not yet confirmed the exact amount stolen, the company’s actions and statements indicate a serious security breach that could have far-reaching consequences for the crypto industry.
Cryptocurrency exchange Binance announced on Thursday that a security incident has impacted approximately $6.3 billion in assets, potentially making it the largest crypto heist in history. The company has suspended all deposits and withdrawals and has frozen about $3 billion in funds as part of its response to the apparent hacking.
According to Binance, an initial investigation suggests that a hacker gained unauthorized access to an engineer’s compromised laptop, which allowed the attacker to make unauthorised transactions. Changpeng Zhao, Binance’s founder and largest shareholder, confirmed the incident, stating that it appeared to be a hack.
The incident has raised concerns about the security of centralized exchanges and the broader cryptocurrency market. Sean Foley, an expert in crypto markets at Macquarie University in Sydney, warned that a blow to confidence in Binance could dampen prices of crypto assets.
TRM, a blockchain intelligence firm, assessed with high confidence that the attack was carried out by North Korea’s hacking unit TraderTraitor. This assessment underscores the global security implications of such large-scale thefts, as the stolen funds could potentially fund weapons proliferation and other destabilizing activities.
The broader cryptocurrency market has reacted negatively to the news, with major cryptocurrencies like Bitcoin and Ethereum seeing significant outflows from wallets linked to Binance. According to blockchain analytics firm Glassnode, the suspected hack initially involved crypto worth $5.3 billion.
Binance has stated that its teams are working around the clock to resolve the issue safely and thoroughly. The company is also collaborating with law enforcement partners to identify and bring the criminals to justice.
The incident highlights the vulnerabilities of centralized exchanges, which are only as secure as the exchange itself. With Binance managing about $155 billion in assets, it becomes a significant target for hackers.
While Binance has not yet confirmed the exact amount stolen, the company’s actions and statements indicate a serious security breach that could have far-reaching consequences for the crypto industry.
What this adds
The incident is under investigation, and the exact amount stolen remains unconfirmed by Binance. However, multiple sources estimate the theft to be over $5 billion.
Background
However, the BBC noted that Binance has not specified how much was potentially stolen, while crypto experts estimated the figure at over $5 billion.
What's confirmed
- Cryptocurrency exchange Binance has said that about $6.3bn in funds have been stolen in a “security incident” that looks to be the biggest crypto heist in history.
- Changpeng Zhao, Binance’s founder and largest shareholder, said earlier that the exchange appeared to have been hacked.
- Binance has not confirmed that its platform was hacked, but acknowledged reports of a possible security incident and said an investigation was underway.
- Binance Investigates Possible Hack, Crypto Firms Freeze $2.5 Billion In Funds Binance, the world's largest cryptocurrency exchange, said on Thursday that it is investigating reports of a possible security breach.
- Binance said on October 29 that it was investigating reports of a “potential security issue,” and within hours crypto firms were freezing assets tied to the episode.
What's still developing
- The cryprocurrency exchange Binance is investigating a suspected hack after billions of dollars moved from wallets associated with the exchange on October 29, 2026.
- Binance spent October 29 telling customers it was looking into a “potential security issue” while stablecoin issuers froze billions of dollars across the market.
- CoinGlass said leveraged positions worth $628 million were liquidated within an hour, almost all of them long, after the market reacted within minutes.
- BNB has bounced off its low and bitcoin is steady near $78,800, which suggests traders see the freezes and CZ’s pledge as limiting the damage to Binance itself.