How the record-breaking $6.3 billion heist in crypto history unfolded

Hackers executed a record-breaking $6.3 billion cryptocurrency heist against Binance, the world's largest exchange. According to CNA - Business, the theft began shortly after 8:00 p.m. GMT on Thursday, October 29, with the bulk of the heist unfolding in approximately 20 minutes. While Binance initially suspected a compromised laptop, a subsequent investigation revealed additional points of breach.

TRM Labs reported that attackers compromised Binance's signing infrastructure to authorize transactions that emptied affected wallets. New Scientist reports the coordinated attack is believed to have originated from a North Korean-linked group called TraderTraitor, which was also behind a $1.5 billion hack of the Bybit exchange in February 2025.

The breach has prompted issuers to freeze roughly half of the stolen assets, according to France 24. In response to the losses, Binance Co-CEO Richard Teng stated that the theft would be covered by company resources and a $1 billion bitcoin reserve designed to protect customers. SABC News noted that the event has highlighted challenges regarding how cryptocurrency exchanges insure digital assets against such cyberattacks.

Brief written by urgent.news from France 24, New Scientist, SABC News, CNA - Business, Channel News Asia — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.