Hackers have stolen approximately 6.3 billion dollars from Binance, the world’s largest cryptocurrency exchange, in what analysts describe as potentially the biggest financial theft in history.
Blockchain security experts have linked the attack to North Korea, although the country has not responded to the allegations and routinely denies involvement in cybercrime.
The incident triggered a decline in cryptocurrency prices and forced Binance to temporarily suspend withdrawals. However, the exchange says customers’ funds remain safe and that it will use its own resources to cover the losses.
Binance says it has identified approximately three billion dollars of the stolen assets and is working with cryptocurrency companies and law enforcement agencies to freeze and recover the funds.
Stablecoin issuers, including Tether and Circle, have already frozen assets worth billions of dollars linked to the incident.
According to Binance co-CEO Richard Teng, the attack involved a compromised laptop and malicious software designed to destroy evidence and make investigations more difficult.
He said hackers manipulated a transaction approval system to transfer funds from an internet-connected Binance wallet without going through the exchange’s normal security checks.
Binance says it has set aside approximately 6.34 billion dollars in company funds to cover the losses. The exchange also says the amount represents only a small portion of its overall customer assets and reserves.
Blockchain analysis firms TRM Labs and Chainalysis say the attack shares similarities with previous cryptocurrency thefts attributed to North Korean-linked hackers, including the 2025 attack on crypto exchange Bybit.
The United States Federal Bureau of Investigation and Secret Service are reportedly working with Binance to investigate the breach, trace the stolen funds and support recovery efforts.
The incident has renewed concerns about cybersecurity in the cryptocurrency industry, with analysts warning that the attack could weaken investor confidence in centralised exchanges.
Binance, which reportedly has more than 335 million registered users worldwide, says it is working around the clock to resolve the situation and protect its customers.
Investigations into the attack are ongoing.
