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Binance, the world’s largest cryptocurrency exchange, has suffered what industry experts are calling the biggest hack in crypto history, with an estimated $6.3 billion in digital tokens compromised.
The massive breach triggered an immediate sell-off across digital asset markets. Bitcoin dropped 3% in the U.S. session and fell another 3% in Asian trading, slipping below $77,000 to hit its lowest level since September. Other major altcoins experienced similar losses as nervous investors reacted to the fallout.
According to Binance, the exchange reacted swiftly alongside industry partners to limit the damage. “The estimated total impact sits at around $6.3B,” Binance announced in a post on X.
“We have worked with blockchain partners to freeze affected assets, with $3 billion frozen on-chain so far.”
Binance co-founder Yi He confirmed that the exchange has temporarily paused all withdrawal services to protect its platform. Withdrawals are projected to resume within 48 hours. Crucially, the exchange reassured its customer base that user funds are safe and committed to covering all losses in full.
Blockchain intelligence firm TRM Labs attributed the attack to North Korea’s state-sponsored cyber outfit, TraderTraitor, expressing high confidence in the finding based on on-chain and off-chain intelligence. Initial investigations suggest the hackers exploited a compromised software engineer’s laptop to access internal authorization systems. The perpetrators then generated transfers across 10 distinct blockchains, including Bitcoin and Ethereum. Binance clarified that no private wallet keys were compromised.
The incident shatters the previous record for the largest crypto heist, set in February 2025 when hackers stole nearly $1.5 billion from Bybit.
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