Binance confirms $6.3 billion theft in largest crypto heist ever

Customers of the world's largest cryptocurrency exchange faced potential disruptions after Binance confirmed a $6.3 billion security breach. The exchange stated that withdrawal services would resume within 48 hours and that customer deposits remained unaffected during the incident.

Binance co-founder Yi He said the company would cover all hacking losses for users. The firm described the event as a sophisticated breach involving multiple vulnerabilities. Initial reports suggested a compromised laptop played a role, but further investigation revealed additional entry points that made the operation more complex than first thought.

Blockchain intelligence firms TRM Labs and Chainalysis linked the attack to North Korean hackers. TRM Labs noted that the attackers targeted Binance wallets across 10 different blockchains. They moved most of the stolen funds within approximately 20 minutes. The firm stated it makes this judgment with high confidence based on characteristics similar to the 2025 Bybit hack linked by the FBI to North Korea.

The exchange is working with industry partners to identify and freeze the affected assets. Approximately $3 billion has been located so far. Binance has not provided a detailed update on the whereabouts of the remaining $3.3 billion. The company is coordinating with law enforcement to resolve the matter.

In a statement on X, Binance said, "This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it." The platform emphasized that it is taking responsibility for the financial damage incurred by the breach.

North Korea's diplomatic mission in Geneva and its embassy in China had not responded to requests for comment from Reuters as of the latest update. Aravind Srinivasan, head of systematic over-the-counter business at GSR, called the incident historic. He described it as the biggest hack in history, surpassing previous major exchange breaches.

The event raises questions about the security of digital assets for investors. The scale of the theft marks a new record for cryptocurrency heists. Analysts point to the growing sophistication of cybercriminal operations targeting digital financial platforms across multiple networks.