Binance has confirmed a security breach affecting approximately USD 6.3 billion in digital assets, as investigators examine possible links to North Korean hackers.
The world’s largest cryptocurrency exchange disclosed the incident on October 30, after suspicious withdrawals emerged the previous day. It has since frozen about USD 3 billion in affected assets, though it has not recovered the remaining funds.
Blockchain intelligence firms TRM Labs and Chainalysis suspect North Korea’s TraderTraitor hacking group carried out the attack. However, authorities have not confirmed who was responsible, and Binance continues to investigate the breach.
Binance Traces USD 6.3 Billion Breach to Compromised Laptop
Binance believes an attacker may have gained access through a compromised laptop belonging to one of its engineers. According to the exchange, the attacker used the device to access an internal service and submit unauthorized withdrawals. Investigators have not found evidence that crypto wallet private keys were exposed.
The exchange suspended deposits and withdrawals as its security team examined the affected systems. It also revoked the compromised access permissions and began working with law enforcement to trace the funds.
Meanwhile, Binance has promised to cover all losses using its Secure Asset Fund for Users (SAFU) and company resources. The exchange maintains that customer funds remain safe despite the scale of the incident.
Binance also plans to release a technical report explaining how the attack occurred. It will publish updated proof of reserves after completing its security checks and recovery work.
North Korean Hackers Linked to Potential Record Crypto Theft
Two blockchain investigation firms have pointed to TraderTraitor, a hacking group linked to North Korea. TRM Labs said it had “high confidence” in its assessment, although the investigation has not established responsibility.
The firm identified similarities between the Binance breach and previous attacks attributed to North Korean hackers. One involved Bybit, which lost approximately USD 1.5 billion in February 2025. That incident previously held the record for the largest cryptocurrency exchange theft.
Speaking to the BBC, TRM Labs global head of policy Ari Redbord called the Binance incident a “watershed moment.” He also warned that recovering the remaining assets could prove difficult while the attackers retain control of the funds.
North Korea has repeatedly denied involvement in cryptocurrency thefts. Binance has not confirmed any connection to the country and says it is cooperating with investigators to establish the attackers’ identities.
BNB Price Falls as Binance Works to Recover Stolen Assets
The security incident also unsettled cryptocurrency markets, sending Bitcoin below USD 77,000.
BNB, the native cryptocurrency of the Binance ecosystem, also fell 5.51% to USD 706.67 over 24 hours, while trading volume rose sharply.
As Binance worked to recover the funds, other crypto companies stepped in to help. Tether said it had frozen approximately USD 1.6 billion linked to the attack, while Circle reported blocking more than USD 800 million.
World Liberty Financial also reported freezing tokens linked to the incident. The freezes have stopped the movement of some funds linked to the hack, while investigators continue tracing the remaining assets.
Binance has not provided a recovery timeline for the outstanding funds. The exchange says it will continue working with blockchain partners and law enforcement as the investigation proceeds.
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