Binance freezes $3 billion after $6.3 billion hack blamed on North Korea
North Korean hackers are alleged to have stolen $6.3 billion from Binance, prompting the exchange to freeze $3 billion and pledge to cover all losses.
By Felo News Desk · Published
Binance, the world’s largest cryptocurrency exchange, reported that $3 billion in crypto assets were frozen after a breach that analysts say resulted in a $6.3 billion theft attributed to North Korean hackers.
What happened
Blockchain analysis firms TRM Labs and Chainalysis said the attackers targeted Binance wallets across ten blockchains, moving most of the funds in about 20 minutes. Binance said it worked with partners to locate roughly $3 billion of the stolen assets; the status of the remaining $3.3 billion was not disclosed. An initial investigation suggested the breach began with a hacked laptop belonging to a Binance engineer, giving the attacker unauthorized access to the system.
What the reports add
- TRM Labs said it makes its judgment “with high confidence” and linked the incident to a 2025 hack on Bybit that the FBI tied to Pyongyang.
- Stablecoin issuers Circle and Tether also froze assets they believed were linked to the breach—Circle more than $800 million and Tether about $1.57 billion.
- Ripple froze roughly $200 million, and World Liberty Financial froze $27 million in stablecoins plus about $2 million in its own tokens.
- The frozen amount could rise as Binance works with law‑enforcement agencies, token issuers, blockchain‑intelligence firms and other industry partners.
What was said
“Binance will cover all hacking losses,”
Binance co‑founder Yi He told Independent.
“It’s the biggest hack in history,”
Aravind Srinivasan, head of GSR’s systematic OTC business, said.
“The incident stems from multiple factors. Our security team is tracing the full attack path through the compromised computer which may be the entry point of the incident,”
Binance said in a statement.
“It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralized exchanges, as well as counterparty, solvency and liquidity risks,”
Tim Sun, senior researcher at HashKey Group, said.
“It’s becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them,”
Bernardo Brites, CEO of Trace Finance, said.
“Binance looked like a hack,”
Former Binance founder Changpeng Zhao posted on X.
How it came about
The hack follows a pattern of state‑backed cyber‑attacks on crypto platforms, echoing the $351 million theft from Bitget in September 2026 and the 2025 Bybit breach linked to North Korea. Analysts note the rapid, cross‑chain movement of funds mirrors earlier North Korean operations.
Key facts
- Hackers stole $6.3 billion from Binance. (independent.co.uk)
- Binance froze about $3 billion of the stolen assets. (independent.co.uk)
- Blockchain firms TRM Labs and Chainalysis attribute the attack to North Korea. (independent.co.uk)
- Bitcoin fell more than 3% to a six‑week low after the news. (independent.co.uk)
- Binance co‑founder Yi He said the exchange will cover all hacking losses. (independent.co.uk)
Timeline
- 2025-10-01 — Bybit hack linked to North Korea by FBI.
- 2026-09-25 — North Korean hackers stole $351 million from Bitget.
- 2026-10-30 — Binance hack resulting in $6.3 billion theft.
