Binance Confirms $6.3 Billion Theft, Largest Crypto Hack on Record

Binance has confirmed a theft of approximately $6.36 billion US, the largest cryptocurrency heist in history. The exchange disclosed the loss in a statement early Friday, describing the incident as a complex attack involving multiple points of breach. While the company said it will cover all user losses, it has suspended withdrawals pending a full review.

The breach follows a pattern of high-value cyberattacks targeting digital assets. In February 2025, the exchange Bybit suffered a $1.5 billion loss after a hack that the FBI attributed to North Korea and the TraderTraitor unit. The current incident mirrors those earlier events, according to blockchain intelligence firms. These groups have increasingly targeted crypto exchanges to generate foreign currency for North Korea's economy and nuclear program.

Blockchain analysis firm TRM attributed the current attack to TraderTraitor with high confidence. The firm noted that the attacker moved funds across 10 blockchains in about 20 minutes. Chainalysis co-founder Jonathan Levin agreed, stating on X that the hack was likely done by the DPRK group. A Binance spokesperson said the company is working with law enforcement to confirm the identity of the criminals.

Binance indicated that an initial investigation pointed to a compromised laptop, though later reviews found additional vulnerabilities. The company stated that it found no evidence of a wallet private key leak. Withdrawals are expected to resume within the next day or two. Deposits were not affected by the breach.

Changpeng Zhao, the founder of Binance, posted on X that user funds are safe. Although he stepped down as CEO in 2023 after pleading guilty to a felony related to money laundering, he remains a shareholder. Zhao said he expects all user funds to be fully covered despite no longer managing the company directly.

Cybersecurity experts are questioning the internal controls that allowed the theft. Kok Tin Gan, co-founder and CEO of NyxLab, said the attack involved a never-expiring, full-access token for a Binance hot wallet. Binance said it will release more technical details when its investigation is complete.

The event underscores the risks associated with internet-connected cryptocurrency wallets. North Korean hackers have stolen an estimated $1.1 billion in digital assets over the past five years, according to South Korea's spy agency. The Binance hack may add another $6.3 billion to that total.