Binance, the world’s largest cryptocurrency exchange by trading volume, has suffered what investigators call the biggest crypto hack on record. The attack took place on Thursday, 29 October 2026, and the exchange said roughly $6.3 billion in assets were affected.
Three blockchain analytics firms, Chainalysis, Elliptic and TRM Labs, have attributed the attack to North Korean hacking groups. Binance has suspended withdrawals while it rebuilds its security systems, and says it will cover confirmed losses.
What Happened and What Binance Has Said
Binance said late on Thursday that about $6.3 billion was impacted. One outlet noted that Binance describes this as an estimate of the impact rather than a confirmed stolen amount, so the final figure could change.
The exchange paused deposits and withdrawals as a precaution. By Friday, deposits were working normally, but withdrawals remained paused while Binance overhauled its withdrawal service. It said it expected to resume within 48 hours, and co-CEO Richard Teng told users it hoped to do so before a Sunday deadline.
Binance also said it is targeting Monday, 2 November, to publish a refreshed proof-of-reserves report. Teng promised a full technical post-mortem once the investigation finishes.
How the Attackers Got In
Binance’s initial findings point to a compromised laptop belonging to a DevOps engineer, which may have let the attacker reach an internal service container and submit unauthorised withdrawals. Teng said on Friday that the breach was more complex than a single employee’s permissions, according to Cointelegraph.
Investigators have not found evidence that private keys were leaked. Elliptic’s analysis suggests the attackers got Binance’s own systems to sign transactions for them, a view echoed by analysts at TRM and The Block. TRM said the attacker began preparing at least 36 hours before the theft, funding a wallet through Tornado Cash, a crypto mixing service, and testing malicious code on three wallets first.
Immunefi’s Simone Imbrescia noted that the on-chain code involved was only about 130 lines, and that the hard part was gaining access to infrastructure powerful enough to authorise transfers.
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Size of the Theft Compared With Past Heists
The $6.3 billion figure is more than four times the $1.5 billion taken from the exchange Bybit in February 2025, which had been the largest crypto theft. It also exceeds the combined total of the Poly Network ($600 million, 2021) and Ronin ($540 million, 2022) hacks, according to one comparison table.
The North Korea Link
TRM Labs linked the attack to TraderTraitor, the North Korean group the FBI has tied to the Bybit hack. Chainalysis found on-chain links between the stolen funds and proceeds from last month’s Bitget exploit, which was also attributed to North Korean hackers. Elliptic cautioned that the overlap involved only a small share of the funds and did not conclusively prove the same group was behind both.
These attributions come from private analytics firms. US President Donald Trump said the United States is looking at a possible North Korean role, and Reuters reported, citing a source, that the FBI and US Secret Service are working with Binance. No government has formally concluded who was responsible in the coverage I found.
Where the Money Went
Binance said about $3 billion of the assets had been frozen on blockchain networks, while Elliptic estimated about 44% had been frozen, mostly stablecoins. The attacker moved quickly to avoid freezes, converting $325 million in stablecoins into $285 million of Ether over about 20 minutes. The attacker also swapped other stablecoins for Ether at losses of up to 26% against market prices to reach assets that issuers cannot freeze.
Elliptic reported that the attacker deposited $59.9 million of Tether as collateral on the Aave lending protocol and borrowed 19,762 Ether. Aave said its smart contracts were unaffected. Analysts at Chainalysis said laundering large sums could take weeks, months or years.
Are Binance Users’ Funds Safe?
Teng said Binance has about $6.34 billion ready to cover the losses, including around $5 billion in affected assets and $1.3 billion being acquired through market and over-the-counter channels. The exchange says it will use company resources to cover confirmed shortfalls and verify user funds through its proof of reserves.
Until independent proof-of-reserves results are published, users cannot verify those claims themselves.
Market and Industry Impact
Bitcoin fell as low as about $76,650 after the news, according to Trending Topics. Shares of Coinbase and Circle also dropped, per one market report. TD Cowen analysts argued the incident points to a failure at a centralised intermediary, not of Bitcoin or its network. Standard Chartered analysts said the hack could speed a shift toward decentralised exchanges.
What Indian Users Can Do
This is general information, not financial advice. Use official Binance channels only, and ignore messages or links claiming to offer refunds or early withdrawals, since scams often follow big hacks. Enable two-factor authentication, avoid keeping more on any exchange than you need to trade, and keep records of your holdings and transactions.
What Happens Next
Watch for the resumption of withdrawals, the proof-of-reserves report, the technical post-mortem and any official findings from US agencies. Further freezes or recoveries are possible, and the final loss figure may change.
FAQs
How much was stolen from Binance?
Binance says about $6.3 billion was impacted, which investigators call the largest crypto hack on record.
When did the hack happen?
On Thursday, 29 October 2026.
Who is suspected?
Chainalysis, Elliptic and TRM Labs attribute it to North Korean hackers, and TRM names TraderTraitor.
Can users withdraw their funds?
Withdrawals are paused. Deposits work normally, and Binance expects to resume withdrawals within about 48 hours.
Will Binance cover the losses?
Binance says it will cover confirmed losses and has set aside about $6.34 billion.
How much has been frozen?
Binance says about $3 billion. Elliptic estimates about 44%.
