Binance Reports $6.3 Billion Stolen in Historic Crypto Heist
The world's leading cryptocurrency exchange, Binance, has reported a staggering theft linked to North Korean hackers, prompting a halt in all withdrawals.
$6.3 billion was stolen from Binance in a record-breaking crypto heist.
North Korean hackers are suspected to be behind the attack, with connections to the Lazarus Group.
Binance has suspended withdrawals and claims to cover all losses for its users.
Binance, the largest cryptocurrency exchange globally, has announced that approximately $6.3 billion was stolen in what is now considered the most significant crypto heist in history. The theft, which occurred over a brief period late Thursday, has led the exchange to suspend all withdrawals and deposits. Binance reassured users that their funds are safe and that the company would cover any losses incurred due to this incident.
The heist has been attributed to North Korean hackers, specifically a group known as TraderTraitor, which is linked to the infamous Lazarus Group. This group has a history of targeting cryptocurrency exchanges for financial gain and is believed to be responsible for various cyberattacks aimed at South Korean interests. The attack on Binance reportedly unfolded in about 20 minutes, with hackers moving funds from Binance wallets across ten different blockchains, dwarfing the previous record theft of $1.5 billion from the Bybit exchange in February 2025.
According to blockchain analysis firms TRM Labs and Chainalysis, around $3 billion of the stolen funds have been frozen, primarily by stablecoin issuers like Tether and Circle. However, the fate of the remaining $3.3 billion remains uncertain. Binance has indicated that the total amount stolen could increase as investigations continue to trace and freeze additional assets.
The implications of this theft extend beyond Binance and the cryptocurrency market. As North Korea increasingly relies on cyber theft to fund its economy and nuclear program, experts warn that such large-scale thefts pose a global security threat. The attack has already affected cryptocurrency prices, with Bitcoin and Ether experiencing significant declines. Analysts suggest that the market was already under pressure from rising U.S. interest rates and decreased demand from exchange-traded fund buyers prior to this incident.
Looking ahead, Binance is coordinating with law enforcement and aims to resume withdrawals within 45 hours. The exchange's co-CEO, Richard Teng, has stated that while investigations are ongoing, they have not yet attributed responsibility to any specific individuals. The incident underscores the vulnerabilities associated with centralized exchanges, which hold users' assets and are prime targets for cybercriminals.
