Binance Reports $6.3bn Theft in Record Cryptocurrency Heist

Cryptocurrency exchange Binance has reported that hackers stole approximately $6.3 billion in digital assets from its transaction-processing wallets in what analysts have described as the largest cryptocurrency heist on record.

The breach occurred on October 29, with most of the stolen funds reportedly transferred within about 20 minutes.

Binance initially suspected that attackers had gained access through an engineer’s compromised laptop. However, subsequent investigations identified additional points of breach involving the exchange’s transaction authorisation infrastructure.

The company said it had found no evidence that wallet private keys were leaked, adding that it was working with law enforcement agencies, blockchain intelligence firms and other industry partners to trace the stolen assets.

Binance also announced that it would absorb the financial losses through its Secure Asset Fund for Users (SAFU) and corporate treasury, assuring customers that their funds remained safe.

The exchange said approximately $3 billion of the affected assets had been frozen through cooperation with cryptocurrency issuers and other partners. The status of the remaining funds was still under investigation.

The security incident prompted Binance to temporarily suspend withdrawals while it strengthened security controls and reviewed its systems. The company said it was working towards restoring withdrawal services in phases.

Blockchain intelligence firms TRM Labs and Chainalysis attributed the attack, with a high degree of confidence, to TraderTraitor, a hacking unit linked to North Korea. However, the investigation had not independently established the identity of those responsible.

The incident also affected cryptocurrency market sentiment, with Bitcoin falling by about five per cent and trading below $77,000 following news of the breach.

Analysts warned that the attack could undermine confidence in centralised cryptocurrency exchanges, highlighting the risks associated with holding digital assets on platforms that control customers’ funds.

The theft surpasses the previous record set in February 2025, when hackers stole approximately $1.5 billion from cryptocurrency exchange Bybit.

Binance said it would publish a detailed technical report outlining the breach, its findings and additional security measures after investigations were completed.