Binance, the world's largest crypto exchange, has suffered a massive security breach. Hackers stole an estimated $6.3 billion in digital assets on October 29. This makes it the largest cryptocurrency theft in history. The previous record was the $1.5 billion Bybit hack in February 2025. Major crypto prices declined sharply after the news spread.
About $3 billion of the stolen funds have been frozen so far. Stablecoin companies Tether and Circle helped by freezing billions in assets. However, freezing does not mean immediate recovery of the funds. Experts said that a separate legal process would be required. This could involve court orders and coordination with multiple partners.
Blockchain investigators have linked the attack to North Korean hackers. The group, known as TraderTraitor, was also behind the Bybit hack. Analysts reported that the attackers compromised Binance's withdrawal infrastructure. They gained access through an engineer's laptop, according to initial findings. Binance has temporarily suspended all deposits and withdrawals for security.
Binance has pledged to cover all customer losses from its own reserves. The company's emergency fund, called SAFU, holds about $1.2 billion. Additional company funds have been set aside to absorb the remaining losses. If the exchange fulfills this pledge, investor confidence could gradually recover. This incident highlights the vulnerability of even the largest platforms.
