Binance reports $6.3 billion hack blamed on North Korean hackers
The exchange said the attack hit wallets on ten blockchains, froze about $3 billion and will cover all losses.
By Felo News Desk · Published
Binance, the world’s largest cryptocurrency exchange, said on Oct. 30 that hackers stole roughly US$6.3 billion in a 20‑minute breach, an incident analysts describe as the biggest crypto heist ever.
What happened
According to Reuters, the attackers targeted Binance wallets on ten different blockchains and moved most of the funds in about 20 minutes, starting after 20:00 GMT on Thursday. TRM Labs said the operation shifted the assets within roughly 20 minutes, while Chainalysis linked the tactics to previous North Korean‑attributed attacks.
What the reports add
Reuters reported that blockchain analysis firms TRM Labs and Chainalysis attribute the hack to North Korean state‑sponsored hackers, noting similarities to the 2025 Bybit breach linked by the FBI to Pyongyang. Gulf News provided background on Binance’s size, noting 335 million users, and recounted the former CEO’s 2024 conviction for anti‑money‑laundering violations, though it did not add new details about the hack itself. The Financial Post quoted Binance’s estimate of the loss and included the company’s statement that it is working with law‑enforcement agencies, but did not specify the attribution to North Korea.
What was said
Binance co‑founder Yi He told Reuters that the exchange will cover “all hacking losses” using its reserve funds. Binance also said deposits were unaffected and that withdrawals were expected to resume within 48 hours. TRM Labs said, “We make this judgment with high confidence,” regarding the North Korean attribution.
How it came about
Felo’s earlier coverage on Oct. 30 documented the immediate fallout: the exchange froze $2.54 billion in assets and later confirmed a $3 billion freeze after the breach, with partners Tether and Circle assisting. Those articles linked the incident to a compromised engineer’s laptop and a breach of Binance’s signing infrastructure, which authorises transactions. The current reports confirm those earlier details and add the broader attribution to North Korean hackers, expanding the context of the ongoing investigation.
Key facts
- Hackers stole about US$6.3 billion from Binance. (techcentral.co.za)
- The breach lasted roughly 20 minutes, starting after 20:00 GMT on Thursday. (techcentral.co.za)
- TRM Labs and Chainalysis attribute the attack to North Korean state‑sponsored hackers. (techcentral.co.za)
- Binance froze about US$3 billion of the stolen assets. (gulfnews.com)
- Co‑founder Yi He said Binance will cover all losses. (techcentral.co.za)
Timeline
- 2026-10-30 — Binance freezes withdrawals after hack drains billions
- 2026-10-30 — Binance reports $6.3 billion breach, freezes $3 billion
- 2026-10-30 — Binance says $6.3bn stolen in 20‑minute hack, breach linked to signing infrastructure
Sources
- [1] techcentral.co.za
- [2] gulfnews.com
- [3] financialpost.com
