SINGAPORE: Cryptocurrency exchange Binance said on Friday that a suspected hack affected approximately $6.3 billion in digital assets, while partners froze around $3 billion in related funds.
The incident could become the largest cryptocurrency theft on record, exceeding the $1.5 billion stolen from Bybit in February 2025.
Binance said its early investigation pointed to a DevOps engineer’s compromised laptop. Attackers may have used the device to access an internal system and submit unauthorised withdrawals. However, the exchange found no evidence that wallet private keys had leaked.
Binance temporarily suspended deposits and withdrawals while conducting security checks. It also contacted law enforcement agencies and blockchain investigators to trace the assets.
The company pledged to cover customer losses through its Secure Asset Fund for Users (SAFU) and corporate funds.
Meanwhile, US blockchain analysis firm TRM Labs estimated that attackers moved $6.36 billion from Binance wallets across 10 blockchains.
TRM attributed the attack to TraderTraitor, a North Korean hacking group. Binance has not confirmed who carried out the breach.
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Stablecoin issuers Tether and Circle helped block transfers of stolen assets, preventing some funds from moving further. Despite the freezes, Binance has not provided a final account of the losses it expects to recover.
Previous major crypto thefts include Poly Network’s $610 million breach in 2021. Hackers later returned nearly all those funds.
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Ronin Network lost approximately $540 million in 2022, while Japan’s Coincheck suffered a $530 million theft in 2018. Earlier, hackers stole nearly $500 million in bitcoin from Mt. Gox between 2011 and 2014.
Binance plans to release a detailed technical review after completing its investigation. It will also publish an updated report on the reserves backing customer assets.
