Singapore/Tokyo/Paris, October 30 (TNA) Hackers stole an estimated $6.3 billion in cryptocurrency from Binance, the world’s largest crypto exchange, in what blockchain investigators and security analysts described as potentially the biggest virtual-currency heist ever recorded.
The attack unfolded over roughly 20 minutes late Thursday, affecting Binance-linked hot wallets across multiple blockchains. The exchange has suspended withdrawals while it investigates the incident and works with blockchain firms, stablecoin issuers and law-enforcement agencies to trace the assets.
Binance Reports $6.3 Billion Impact
Binance said its initial investigation indicated that an attacker may have gained access through a compromised laptop belonging to a DevOps engineer. The access allegedly allowed the attacker to enter a service container and submit unauthorised withdrawal transactions.
The exchange has estimated the total impact at approximately $6.3 billion, although investigators continue to determine how much cryptocurrency was ultimately moved beyond recovery efforts. Binance said it had found no evidence that wallet private keys were leaked.
The company has assured customers that their funds remain safe and said losses connected with the incident would be covered through its Secure Asset Fund for Users and company funds.
Around $3 Billion Frozen
Binance said approximately $3 billion in affected digital assets had been frozen on-chain with assistance from blockchain partners and law-enforcement agencies. The amount includes funds blocked by stablecoin issuers such as Tether and Circle.
Circle said it had frozen more than $800 million in USDC linked to the incident, while Tether separately reported freezing more than $1.5 billion in assets associated with the suspected breach. The status of the remaining assets, estimated at roughly $3.3 billion, was not immediately clear. Investigators are tracking transactions across several networks as hackers attempt to convert, transfer or conceal the digital currencies.
North Korean Link Suspected
Blockchain-analysis firms TRM Labs, Chainalysis and Elliptic said the attack showed characteristics associated with earlier cyber heists attributed to North Korean hacking groups. TRM and Chainalysis expressed high confidence in the suspected link, while Elliptic described the incident as potentially the largest known theft of any kind.
The attribution has not been publicly confirmed by law-enforcement authorities, and investigations remain ongoing. Analysts said the attackers’ apparent ability to move funds rapidly across multiple chains complicated efforts to freeze the assets.
Withdrawals Remain Suspended
Binance temporarily suspended deposits and withdrawals as it conducted security checks and reviewed its withdrawal infrastructure. The exchange said withdrawals were expected to resume after a security overhaul, with reports indicating a possible restoration within about 48 hours.
The company said deposits were operating normally in later updates, but users were advised to follow only official Binance communications and remain alert to phishing messages or fake recovery offers.
Wider Crypto-Security Concerns
The incident is likely to intensify scrutiny of security controls at centralised cryptocurrency exchanges, particularly systems that manage internet-connected hot wallets. It also highlights the continuing difficulty of recovering digital assets after they are transferred across multiple blockchain networks.
The reported scale of the breach could have wider implications for investor confidence, stablecoin issuers and regulators seeking stronger safeguards for customer assets. However, the final financial loss will depend on how much of the cryptocurrency can be frozen or recovered and whether Binance’s estimate is revised as the investigation progresses.