Hackers steal $6 billion in crypto; Binance covers losses amid North Korean state-backed group claims

Cryptocurrency exchange Binance has experienced a colossal security breach, with hackers siphoning an estimated $6.3 billion in what is being described as the largest crypto heist in history. The attack, which occurred late on Thursday, October 29, 2026, saw funds rapidly moved from Binance's wallets across ten different blockchains within approximately 20 minutes. Initial investigations suggested the breach might have originated from a compromised engineer's laptop, though later findings indicated multiple points of entry in the complex attack.

In response to the massive theft, Binance promptly suspended all deposits and withdrawals to conduct thorough security checks and trace the stolen assets. The exchange has affirmed its commitment to cover all user losses, setting aside over $6.34 billion from its company funds for this purpose. Working with blockchain partners and law enforcement agencies, Binance has already managed to freeze roughly $3 billion of the affected assets.

Multiple blockchain intelligence firms, including TRM Labs, Chainalysis, and Elliptic, have attributed the sophisticated attack to TraderTraitor, an elite North Korean state-backed hacking unit. These firms noted that the heist shares distinct characteristics with previous cyberattacks linked to North Korea, such as a $1.5 billion hack on the Bybit exchange in February 2025. North Korean hacking groups are known to fund the regime's illicit activities through such large-scale cybercrime.