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Blockchain intelligence firms link North Korea to $6.3B hack on Binance
Confirmed
In Short: Binance, the world's largest cryptocurrency exchange, reported a hack that moved approximately $6.36 billion out of its wallets on ten blockchains, according to the firm's statement.
The hack, which occurred in about 20 minutes, is the largest cryptocurrency theft on record. Blockchain intelligence firms have linked the attack to North Korea's elite hacking unit, TraderTraitor.
Binance founder and CEO Changpeng Zhao said the company is working with blockchain partners to freeze affected assets. So far, roughly $3 billion has been frozen, including $27 million in stablecoins and around $2 million in World Liberty tokens.
The FBI is collaborating with government and industry partners to investigate the theft. In February last year, another cryptocurrency exchange, Bybit, suffered a $1.5 billion hit when it was hacked.
An initial investigation suggested the incident may have involved a compromised laptop, but a subsequent investigation uncovered additional points of breach. Binance said the attack exploited a vulnerability in the BSC Token Hub, a cross-chain bridge connecting two BNB blockchain networks.
The company has also worked with law enforcement agencies, token issuers, and blockchain intelligence firms to trace and freeze additional assets. Binance co-founder Yi He said the company would cover all hacking losses.
In December 2022, South Korea’s spy agency reported that 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-linked BNB declined by more than 8% over the previous 24 hours, reflecting the impact of the hack on the cryptocurrency market.
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 incident is part of a broader trend of cybercriminal activity, with cybercriminals stealing $2.87 billion in crypto assets in nearly 150 hacking incidents in 2025, according to the 2026 Crypto Crime Report produced by TRM.
What this adds
The exact identity of the attackers remains unconfirmed by Binance, and investigations are still underway.
The hack highlights the ongoing threat posed by North Korean hacking units to the cryptocurrency industry.
What's confirmed
- The world’s biggest cryptocurrency exchange reported Thursday that approximately $6.3 billion was impacted in an apparent hack.
- 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.
- The company has worked with blockchain partners to freeze affected assets, with roughly $3 billion frozen.
- 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.
- Zhao, who founded the Binance platform in 2017, said "as a shareholder, I expect all user funds will be fully covered."
- The world’s largest cryptocurrency exchange said it was working with law enforcement agencies, token issuers and blockchain intelligence firms to trace and freeze additional assets.
- 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".
What's still developing
- Earlier this month, U.S. authorities announced the disruption of “laptop farms” in Texas that helped DPRK operatives pose as U.S.-based employees and send their earnings back to the regime.
- Binance is investigating a suspected hack after wallets linked to it on the Ethereum, Bitcoin, and TRON networks saw outflows of around $5.7 billion, according to The Kobeissi Letter.
- Blockchain tracker Arkham Intelligence shows about $5.8 billion held across wallets linked to the attacker, though this is not a confirmed loss figure.
- Former chief executive Changpeng Zhao also said the incident appeared to involve a hack and expressed confidence that users’ funds would be covered.
- However, Binance has not confirmed the identity of the attackers, and investigations are still underway.