North Korean Hackers Steal $6.3 Billion from Binance
Binance is restoring withdrawals after North Korean hackers stole $6.3 billion in the largest cryptocurrency heist in history, with the exchange pledging to cover all user losses.
The cryptocurrency exchange Binance suffered a record-breaking security breach on October 29, 2026, resulting in the theft of approximately $6.36 billion across ten blockchains. The Federal Bureau of Investigation and blockchain analytics firms TRM Labs and Chainalysis attributed the heist to TraderTraitor, an elite North Korean hacking unit. Investigators found the attackers likely gained access via a compromised DevOps engineer's laptop to manipulate withdrawal systems, though co-CEO Richard Teng later noted the breach involved more complex vectors and a self-destruct mechanism to obscure traces.
In the immediate aftermath, Binance suspended all deposits and withdrawals. Stablecoin issuers Tether and Circle, along with Ripple, froze approximately $3 billion in stolen assets. However, hackers successfully moved billions more into unfreezable assets using the Aave lending platform. The news triggered a market downturn, sending Bitcoin to multi-week lows, though the network itself remained secure.
Binance began restoring customer withdrawals in phases on November 1, reporting initial net outflows of $3.64 billion. The company has allocated over $6.34 billion from its corporate treasury, Futures Insurance Fund, and Secure Asset Fund for Users (SAFU) to ensure customers do not bear the financial loss, replacing approximately 95% of the stolen assets.
President Donald Trump confirmed a federal investigation but expressed uncertainty regarding North Korea's involvement, stating the U.S. would engage in talks with Pyongyang if responsibility is confirmed. Kim Yo Jong, sister of North Korean leader Kim Jong Un, denied the allegations, calling them a "grave political provocation."
