Binance Loses $6.3 Billion in Record Crypto Hack
Hackers have stolen $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in what is being described as the largest crypto hack ever. This incident surpasses all previous crypto heists in scale, according to analytics firm Chainalysis and industry experts.
According to US blockchain firm TRM Labs, the attack targeted Binance wallets across 10 blockchains, with most funds moved within 20 minutes. TRM attributed the heist to North Korean hackers, citing similarities to previous attacks, including a 2025 breach of crypto-exchange Bybit, which the FBI linked to Pyongyang. TRM expressed “high confidence” in this judgment, highlighting the attack’s sophistication and speed.
A complex attack with multiple breach points
Binance acknowledged a “complex attack” involving several “points of breach.” Initially, the company suspected a compromised laptop belonging to one of its engineers as the entry point. However, further investigation revealed additional vulnerabilities, indicating a multi-faceted intrusion. Binance stated it is working closely with law enforcement and has frozen affected assets, recovering $3 billion so far.
Market reaction and industry impact
The hack sent shockwaves through the crypto market. Bitcoin dropped more than 3% to a six-week low of $76,368, while Ether fell more than 3% to a two-month low of $2,178. Binance’s native token, BNB, was down 5% to $709.70 over the past 24 hours, according to CoinGecko. Shares in crypto exchange Coinbase Global slid 4.8%, and those of bitcoin buyer Strategy fell nearly 6% in extended US trading.
With 335 million registered users and $162.8 billion in assets under custody, Binance’s breach shows the industry‘s vulnerability. Last year, $2.9 billion in cryptocurrency was stolen across 150 attacks, according to TRM Labs. A recent heist at exchange Bitget resulted in $350 million in losses, further highlighting the risks.
The incident’s full scope remains under investigation, with Binance’s security team tracing the attack path through the compromised system. While Binance has assured users that their funds are safe, the fate of the remaining $3.3 billion remains uncertain. This breach is likely to trigger increased regulatory scrutiny and measures in the crypto industry, as stakeholders grapple with its implications.
