Hackers stole approximately $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in what analysts described as the biggest financial heist on record, with blockchain firms attributing the attack to North Korea.
The breach, which unfolded in about 20 minutes late on Thursday, prompted Binance to halt withdrawals. The exchange said it would cover all losses using company funds and that customer assets remained safe.
“We NEVER use any customer funds, so they are not impacted,” Binance co-CEO Richard Teng said in a post on X.
Teng described the incident as a “complex attack” involving a compromised laptop and malicious software designed to erase traces of the activity. The hackers manipulated a transaction-approval system to move funds from a Binance-controlled, internet-connected wallet outside normal controls.
Binance said it had set aside around $6.34 billion of its own funds to cover the losses and was working with partners to freeze stolen assets, with about $3 billion located so far. It expected to resume withdrawals within 48 hours.
Stablecoin issuers Tether and Circle froze nearly $1.57 billion and more than $800 million respectively in assets linked to the attack.
US blockchain analysis firms TRM Labs and Chainalysis said they were highly confident North Korea’s elite hacking unit was responsible, citing similarities to previous attacks, including a 2025 Bybit heist attributed to the same group by the FBI.
“This incident is almost certainly the single largest known theft of any kind,” British blockchain analysts Elliptic said.
Cryptocurrency markets reacted sharply. Bitcoin fell to a six-week low of $76,368, while ether dropped more than 3 percent.
Binance is cooperating with the US Federal Bureau of Investigation and the Secret Service. Abu Dhabi’s Financial Services Regulatory Authority, which licenses Binance’s main operations, said it was monitoring the incident closely.
