Binance pledges to cover all losses from a ~$6.3B hack, potentially the largest crypto theft ever, surpassing the $1.5B Bybit hack in February 2025 (South China Morning Post)
Binance, the world's largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet.
Binance has pledged to cover all losses following a security breach that impacted approximately $6.3 billion in funds. The exchange has temporarily suspended all deposits and withdrawals while conducting security checks, noting that around $3 billion in affected assets have been frozen on-chain. While Binance.com was involved in the incident, Binance.US stated its platform was not affected.
Blockchain analysis firm TRM Labs attributed the attack to TraderTraitor, an elite North Korean hacking unit, noting that approximately $6.36 billion was moved across ten blockchains in about 20 minutes. The event is being described by industry sources as the largest crypto theft on record, surpassing a $1.5 billion hack at Bybit in February 2025.
Different estimates regarding the total amount stolen have been provided by various firms. While Binance reported a $6.3 billion impact, Glassnode estimated the hack concerns $5.3 billion, and Chainalysis estimated that more than $5.9 billion was stolen. Additionally, KahawaTungu reported that Tether and Circle have frozen a combined $2.4 billion in assets in response to the potential hack.
Brief written by urgent.news from Techmeme, The Korea Times, Straits Times Business, KahawaTungu, Investing.com — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
