Binance Hack Hits $6.3bn in Digital Assets, Firm Says

Binance Hack Hits

Summary

Binance said on Thursday that $6.3bn (£4.7bn) in digital assets was affected by what it called the largest hack in history. The exchange says about half has been frozen and that it will cover all losses. Two analytics firms link the attack to a North Korean group.

Key Highlights

  • About half of the affected assets have been frozen with help from other platforms.
  • Early checks point to a compromised engineer’s laptop.
  • TRM Labs and Chainalysis link the Binance hack to North Korea’s TraderTraitor group.
  • Withdrawals are disabled until the system is confirmed secure.

What Happened?

Binance said an attacker made unauthorized withdrawals, and early checks suggest an engineer’s laptop was compromised. Tether and Circle said they froze around $2.4bn between them: Tether about $1.6bn and Circle more than $800m. World Liberty Financial also said it helped freeze stolen funds. Co-CEO Yi He said withdrawals stay off until the environment is confirmed secure.

Why is it Important?

Binance is the world’s biggest crypto exchange, founded in China in 2017, with an estimated 300 million registered users. The Binance hack exceeds the record $1.5bn Bybit theft in 2025. TRM Labs’ Ari Redbord called it a “watershed moment” for the industry.

Impact and Implications

Much of the money is still with the attacker, so tracing it is far from done, Redbord said. Chainalysis said it has “high confidence” in the North Korea link, and its research head Eric Jardine urged every exchange to stay vigilant. Binance did not directly answer BBC questions about North Korea but said it is working with law enforcement. The issue concerns Binance.com only, and Binance.US said it is unaffected. Coinbase said it was also unaffected. The exchange has faced regulatory scrutiny worldwide.

What Happens Next?

Binance has not said when withdrawals will resume. Investigators are still trying to trace the remaining funds, and the exchange has promised to identify those responsible with law enforcement.