What we know so far: Binance, the world’s largest crypto exchange, has fallen victim to a cyberattack that is believed to be the largest crypto theft in history. More than $6 billion worth of cryptocurrencies were stolen from the platform, initially suspending customer deposits and withdrawals. A North Korean hacking unit is believed to have been responsible for the attack.
Blockchain intelligence firm TRM Labs estimates the loot at approximately $6.36 billion taken from Binance wallets on ten blockchains on October 29. Most of the money was moved in about 20 minutes. The company strongly attributes the attack to TraderTraitor, a North Korean hacking unit.
There is good news for customers. Binance says it has worked with blockchain partners to freeze approximately $3 billion in affected assets and will cover any losses. Deposits are now working normally, but withdrawals remain suspended. The exchange said on Friday that it expects withdrawals to resume in the next day or two.
The initial investigation revealed that a compromised laptop belonged to a DevOps engineer. Binance said this allowed an attacker to access a service container and make unauthorized withdrawals. It added that it found no evidence that the wallet’s private keys were leaked.
However, the company subsequently said that investigators had uncovered additional vulnerabilities and described the incident as a complex attack – meaning it was unlikely that the compromised laptop was the whole story. Binance has promised to release more technical details once the investigation is complete and the results are verified.
Elliptical also suspects North Korea was responsible. The blockchain analytics firm says the attacker funded a wallet with small withdrawals from Tornado Cash, rehearsed the attack in advance, and executed previously signed transactions in a single burst.
The amount stolen is more than four times the $1.5 billion stolen in the February 2025 Bybit hack, the largest crypto heist at the time. This attack targeted a cold wallet during a transfer, triggering a flood of customer withdrawals and assurances that the exchange could cover its losses.
Binance has been here before, albeit on a much smaller scale. In May 2019, hackers stole 7,000 Bitcoins worth around $40.7 million from his hot wallet. The attackers also obtained user API keys and two-factor authentication codes. Binance used its emergency fund to cover this theft.
