Binance, the world's largest cryptocurrency exchange, has been hit by a $6.3bn hack that researchers describe as the biggest heist in history, with the company pledging to cover all customer losses. The exchange said it has frozen $3bn of the affected assets as it works to trace and recover additional funds. Richard Teng, a co-chief executive of Binance, said the company had set aside $6.34bn to cover stolen assets, telling customers: "Bottom line, your money is safe, and we're covering every loss."
Security experts identified North Korea as the likely culprit. Researchers at TRM, Elliptic and Chainalysis blamed the attack with "high confidence" on TraderTraitor, North Korea's elite hacking unit. North Korea has a history of targeting cryptocurrency exchanges and was behind the theft of about $1.5bn in virtual assets from a Dubai-based exchange last year, according to the FBI. Elliptic said the theft dwarfed that previous record and the $1bn taken from Iraq's central bank by Saddam Hussein in 2003, with Tom Robinson, chief scientist at Elliptic, saying: "This is almost certainly the largest theft of any kind in history."
Binance said an initial investigation suggested the breach may have started with a hacked laptop belonging to one of the exchange's engineers, which allowed attackers to gain access to its systems and make unauthorised withdrawals. The company added there had been "additional points of breach" in what it described as a sophisticated attack. Binance has 335 million registered users globally and held about $162.8bn in assets under custody as of its 2025 annual report. The exchange temporarily suspended all deposits and withdrawals while its security teams conducted checks and traced affected assets with support from law enforcement and industry partners.
Bitcoin fell 5% to $77,380, its lowest level in six weeks, as markets reacted immediately to the news. The largest losses related to Ethereum, with $3.8bn-worth affected. Tether, an issuer of stablecoins, froze nearly $1.57bn in assets linked to the incident, while Circle froze more than $800m. Analysts warned the breach could have wider ramifications for cryptocurrency markets, which have already faced pressure from higher US interest rates. Tim Sun, a senior researcher at HashKey Group, said the incident "may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges."
Binance is working with law enforcement around the world, including the FBI and the US Secret Service. The hack adds to a pattern of cryptocurrency thefts. Last year attackers stole $2.9bn worth of cryptocurrency across almost 150 attacks, and in September the cryptocurrency exchange Bitget said roughly $350m in crypto had been stolen from its platform. The UK's Financial Conduct Authority said it was aware of the incident and engaging with Binance to understand the impact, while the Bank of England is also monitoring the situation, though it is understood there are no active concerns.