Binance Suspends Trades Amid Suspected Record $6.3 Billion Crypto Theft

Blockchain analysts reported that a suspected North Korean hacking unit was likely behind the theft of more than $6 billion from Binance, the world's largest cryptocurrency exchange. Binance temporarily suspended deposits and withdrawals to conduct security checks following the incident reported on Thursday.

US-based blockchain intelligence firm TRM stated that attackers moved approximately $6.36 billion out of Binance wallets across 10 blockchains within about 20 minutes. TRM attributed the attack to TraderTraitor, an elite hacking unit linked to North Korea, noting that features of the attack matched earlier heists such as the February 2025 Bybit hack. Jonathan Levin, CEO of Chainalysis, also indicated that TraderTraitor was likely responsible.

Binance Response and Asset Freezing

• Binance stated it is working with law enforcement to identify the culprits.
• Co-founder Yi He announced that Binance will cover all hacking losses.
• A company spokesperson asserted that user funds remain completely safe.
• Binance reported locating and freezing about $3 billion in affected assets, though details on the remaining $3.3 billion were not provided.

According to the platform's initial investigation, an attacker compromised a software infrastructure engineer's laptop, gaining access to an internal service to submit unauthorized withdrawals. The company stated there was no evidence of leaked wallet private keys.

Industry Actions and Market Impact

Other cryptocurrency entities took steps to mitigate the fallout:

• Tether CEO Paolo Ardoino stated that Tether froze around $1.6 billion in USDT.
• Circle boss Jeremy Allaire reported that Circle froze roughly $800 million in USDC.
• Bitcoin's value dropped by 3.2% on Thursday evening, falling below $79,000 following news of the potential hack.

Binance did not officially confirm the North Korea attribution. Experts note that international observers frequently accuse North Korea of utilizing cyber theft to fund its nuclear program amid sanctions. Platform founder Zhao, who stepped down as CEO in 2023 and received a US presidential pardon in 2025, stated as a shareholder that he expects user funds to be fully covered.