Binance Reports $6.3bn Stolen in Record Crypto Heist as Blockchain Firms Point to North Korea

Binance, the world’s largest cryptocurrency exchange, reported that hackers stole approximately $6.3 billion in what appears to be the largest cryptocurrency heist on record. The incident occurred following a series of unauthorized transactions late on Thursday, prompting the exchange to temporarily suspend deposits and withdrawals.

Key Details of the Incident

• Scale of Theft: Blockchain analysis firms TRM Labs and Chainalysis reported that attackers drained roughly $6.36 billion from Binance wallets across 10 blockchains in about 20 minutes.
• Asset Freezing: Binance stated that about $3 billion has since been frozen, with more than $2.3 billion frozen by stablecoin issuers Tether and Circle, according to Reuters.
• Company Response: Binance stated that user funds are safe and that the company will cover all losses. Co-CEO Richard Teng noted that investigations are ongoing to trace additional assets.

Attribution and Official Claims

Two United States-based blockchain analysis firms, TRM Labs and Chainalysis, assessed with high confidence that the attack originated in North Korea, specifically pointing to TraderTraitor, a hacking unit linked to the Lazarus Group. The FBI previously attributed a separate $1.5 billion heist from the Bybit exchange in February 2025 to the same unit.

However, Binance has maintained a more cautious stance regarding attribution. Co-CEO Richard Teng stated on X that the company's investigation has not yet attributed responsibility to any individual or specific group. North Korea routinely denies involvement in international cyberattacks.

Market Impact and Security Implications

Following the news, major digital assets experienced sharp declines before steadying:

• Bitcoin reached a six-week low of $76,368.
• Ether dropped over 3 percent to a two-month low of $2,178.
• Coinbase shares fell by 4.8 percent.

Experts note that centralized exchanges remain prime targets for sophisticated threat actors. Analysts highlighted that most cyber-insurance policies do not cover stolen digital assets, leaving platforms heavily reliant on internal reserves.

Verification and Next Steps

Binance announced it is coordinating with law enforcement agencies and expects to resume normal withdrawal operations. Users seeking to verify official updates can monitor announcements directly on Binance's verified corporate channels and statements provided to major news agencies.