Binance loses $6.3 billion in cryptocurrency hack
Cryptocurrency exchange Binance has suffered a major cyberattack involving approximately $6.3 billion in stolen digital assets. The company has frozen around $3 billion and pledged to cover customer losses.
According to Binance’s official security update, attackers compromised its hot wallets on October 29, 2026. The company identified unauthorized withdrawals beginning at approximately 20:05 UTC. Binance said it would absorb the financial impact through its Secure Asset Fund for Users (SAFU) and corporate funds.
Compromised infrastructure under investigation
Binance’s preliminary investigation identified a possible compromise involving a DevOps engineer’s laptop. The attacker may have used this access to reach a service container and submit unauthorized withdrawal transactions.
However, the company has not established the complete attack sequence. It has also reported no evidence that wallet private keys were leaked. Blockchain intelligence firm TRM Labs estimates that approximately $6.36 billion moved from Binance wallets across ten blockchain networks. Most of the transfers occurred within roughly 20 minutes.
North Korean hackers suspected
TRM Labs has attributed the attack with high confidence to TraderTraitor, a hacking group linked to North Korea. Chainalysis has also identified indicators connecting the operation to North Korean actors. However, Binance has not publicly confirmed the attackers’ identities.
The exchange worked with law enforcement, blockchain intelligence companies and asset issuers to trace and freeze stolen funds.
KEY FIGURES FROM THE INCIDENT
$6.3 billion approximate value of stolen cryptocurrency
$3 billion assets frozen on-chain
10 networks affected
20 minutes – Approximate period in which most funds were transferred
Binance pledges to cover customer losses
Binance temporarily suspended withdrawals while implementing additional security checks and remediation measures. The company also revoked affected authorizations and strengthened controls across the compromised infrastructure.
Binance said it had set aside more than $6.34 billion in company funds to cover the losses. Of that amount, $5 billion was already held in the affected cryptocurrencies, covering approximately 80% of the loss. The exchange is acquiring the remaining tokens through market and over-the-counter transactions.
