Binance Suffers Biggest Crypto Hack In History With $6.3 Billion Affected [UPDATE]
UPDATE 10/30/26: Binance has temporarily suspended customer withdrawals after suffering what investigators say is the biggest crypto hack in history. According to Binance CEO Yi He, the company estimates roughly $6.3 billion in funds were impacted, with roughly $3 billion in assets frozen on-chain so far. Rest assured, "your money is safe, and we're covering every loss," said co-CEO Richard Teng…
Binance has announced that it is temporarily halting customer withdrawals following a massive crypto hack. According to the company's CEO Yi He, around $6.3 billion in funds may have been affected, with roughly $3 billion frozen on-chain thus far. Binance CEO Richard Teng assured users that their money is secure and that the company will cover all losses.
The attack, described as complex, utilized a self-destruct mechanism that hindered investigators' efforts to trace the perpetrators. Initial findings suggest the breach was not the work of a single individual, with further investigation revealing multiple points of entry. Blockchain analysis firms TRM Labs and Elliptic have traced the theft to North Korean hackers, specifically a group known as TraderTraitor, responsible for the Bybit hack last year.
TRM Labs estimates that about 44% of the stolen assets have been frozen, primarily in stablecoins. The hackers reportedly compromised Binance's wallet-signing infrastructure, enabling them to execute unauthorized transactions across various blockchains. Binance has initiated an internal investigation, which indicates the incident may have begun with a compromised engineer's laptop. No evidence indicates that wallet passwords were leaked.
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