Binance reports $6.3 billion breach, freezes $3 billion in crypto assets
The exchange says an engineer’s laptop was compromised, partners Tether and Circle helped freeze assets, and co‑founder Yi He pledged to cover losses.
By Felo News Desk · Published
Binance said a security breach on 30 October 2026 compromised an estimated $6.3 billion in digital assets and led the exchange to freeze about $3 billion while investigators work to recover the funds.
What happened
According to Gulf News, the breach appears to have begun when an attacker accessed an engineer’s laptop, entered an internal system and submitted unauthorised withdrawal transactions. Binance reported that no wallet private keys were leaked. The exchange froze roughly $3 billion of the affected assets and is working with blockchain firms Tether, Circle, Ripple and others to block further transfers. Tether froze nearly $1.57 billion and Circle blocked more than $800 million, according to the same source.
What the reports add
Daily Times added that the attack targeted Binance wallets across ten blockchain networks and moved most stolen assets within 20 minutes. It cited US blockchain‑intelligence firms TRM Labs and Chainalysis, which attributed the attack to North Korean state‑sponsored cyber units. Gulf News did not name an attribution but noted analysts said the theft could become the largest crypto theft on record.
What was said
Binance co‑founder Yi He told Daily Times that the exchange will fully cover all hacking losses using reserve funds and that user deposits remain safe. Gulf News reported Binance said the Secure Asset Fund for Users (SAFU) and company funds would be used to cover losses.
How it came about
Earlier on 29 October, Felo News reported that Binance was probing a potential hack after large transfers raised concerns, with Tether and Circle already freezing over $2.3 billion (see Binance probes potential hack as Tether and Circle freeze over $2.3 billion). The next day, after the breach was confirmed, Binance froze withdrawals and announced the $3 billion freeze (see Binance freezes withdrawals after hack drains billions in crypto). The current reports expand the estimated loss to $6.3 billion and add the North Korean attribution.
Key facts
- Binance reported a security breach affecting an estimated $6.3 billion in digital assets. (gulfnews.com)
- About $3 billion of the affected assets have been frozen. (gulfnews.com)
- Tether froze nearly $1.57 billion and Circle blocked more than $800 million. (gulfnews.com)
- TRM Labs and Chainalysis attribute the attack to North Korean state‑sponsored hackers. (dailytimes.com.pk)
- Co‑founder Yi He said Binance will cover all losses using reserve funds. (dailytimes.com.pk)
Where accounts differ
- Attribution of the attack: Analysts said it could become the biggest crypto theft on record, without naming a perpetrator. (gulfnews.com); TRM Labs and Chainalysis attribute the attack to North Korean state‑sponsored cyber units. (dailytimes.com.pk)
Timeline
- 2026-10-29 — Binance probes potential hack as large transfers raise concerns; Tether and Circle freeze over $2.3 billion.
- 2026-10-30 — Binance reports $6.3 billion breach and freezes $3 billion.
- 2026-10-30 — North Korean attribution reported; co‑founder Yi He pledges to cover losses.
Why it matters
The breach represents the largest crypto theft reported to date and could affect market confidence in digital‑asset exchanges.
What happens next
Binance says it expects normal withdrawal operations to resume within 48 hours while technical teams continue tracing the remaining $3.3 billion.
Sources
- [1] gulfnews.com
- [2] dailytimes.com.pk
- [3] arstechnica.com
- [4] france24.com
- [5] techcrunch.com
