GoKawiil
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Binance, the world's largest cryptocurrency exchange, was reportedly the target of a $6.3 billion theft attributed to a North Korean hacking group. The breach, disclosed Friday, triggered declines in bitcoin and other major tokens as crypto markets reacted to the news.
Binance, the world's largest cryptocurrency exchange, has disclosed a security breach estimated at $6.3bn, which would make it the largest crypto hack on record. Co-CEO Richard Teng said the company is cooperating with authorities to investigate the incident and has committed to covering all customer losses.
On October 29, attackers siphoned roughly $6.3 billion in cryptocurrency from Binance wallets spanning at least ten blockchains, with most funds taken within a 20-minute window, according to tracing firm TRM Labs. Binance suspended deposits and withdrawals and says it has helped freeze about half the stolen crypto while investigating the breach.
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Binance, the world's largest cryptocurrency exchange, has frozen withdrawals after attackers stole roughly $5.6 billion across multiple cryptocurrencies including Tether, Bitcoin, Ethereum and Circle dollars. Security firm TRM has attributed the breach to TraderTraitor, a North Korean state-linked hacking group also blamed for last year's $1.5 billion Bybit hack. Binance says it initially traced the breach to a compromised laptop but has since found additional entry points, and insists user funds remain safe and losses will be covered.
Binance suffered a cyberattack on October 29 that drained roughly $6.36 billion across ten blockchains, according to blockchain intelligence firm TRM Labs, which said most funds moved within about 20 minutes. The exchange suspended withdrawals, later saying it had frozen about $3 billion of the stolen assets with partners' help and would cover all customer losses, with withdrawals expected to resume within a day or two. Binance initially blamed a compromised DevOps engineer's laptop but has since said investigators found additional breach points, calling it a complex attack.
Binance disclosed a cyberattack resulting in an estimated $6.3 billion loss, which would make it the largest crypto theft on record, surpassing last year's $1.5 billion Bybit hack. The exchange has suspended withdrawals for a security overhaul while keeping deposits open, and says it has worked with partners to freeze roughly $3 billion of the stolen funds, with Tether and Circle separately freezing $1.5 billion and $800 million tied to the attack. Binance says it will cover all losses through its SAFU fund and company reserves.
Binance disclosed that attackers stole $6.3 billion in crypto assets from the exchange, calling it the largest crypto hack on record. The company said roughly $3 billion has since been frozen, user funds remain safe, and it has set aside over $6.34 billion of company funds—including $5 billion in the exact impacted tokens—to cover the shortfall.
Binance said attackers gained access to a DevOps engineer's compromised laptop and used it to reach a service container, enabling them to submit unauthorized withdrawal transactions. Co-CEO Richard Teng said the attack was more complex than a single engineer's permissions being exploited, and the company has not attributed blame to any individual. Binance has suspended deposits and withdrawals, revoked authorizations for the affected address, and says it will cover losses via its SAFU fund and company reserves.
Binance disclosed a security incident affecting roughly $6.3bn of assets on its main platform, saying about half has since been frozen with help from other crypto firms. The exchange said early investigation points to a compromised engineer's laptop enabling unauthorised withdrawals, and it has suspended withdrawals while verifying the platform is secure. Binance.US said it was unaffected, and Binance pledged to cover all losses and release a full report once the probe concludes.
Polymarket paused trading on its international platform after a UK-based third-party vendor was hacked, draining funds from user wallets. Blockchain analytics firm Bubblemaps estimated roughly 700 users lost about $2.7 million combined. Polymarket said it has notified UK law enforcement and will refund affected traders, but did not confirm the exact scale of losses; its separate, US-regulated Polymarket US platform was unaffected.
Binance confirmed it is investigating a security incident after users reported funds draining from its wallets, and has temporarily halted withdrawals across multiple networks as a precaution. Circle froze roughly $800 million and Tether froze about $1.56 billion in tokens tied to the incident, while crypto watchers estimate at least $2 billion—possibly as much as $5.7 billion—was drained from Binance's hot wallets. Binance says user funds remain safe but has not confirmed the total loss or identified any attacker.