North Korean Hackers Steal $6.3 Billion from Binance in Largest Crypto Heist on Record

Binance, the world's largest cryptocurrency exchange, suffered a $6.3 billion hack, the biggest theft in crypto history, with blockchain intelligence firms TRM Labs and Chainalysis attributing the attack to TraderTraitor, a North Korean state-sponsored hacking group also responsible for the $1.5 billion Bybit breach in 2025. TRM Labs said preparations began at least 36 hours before the theft, with attackers using Tornado Cash, a crypto mixing service, to fund wallets in advance. The breach was executed in roughly 20 minutes, and investigators identified thousands of automated transfers designed to launder the stolen funds across wallets, with AI reportedly used to obscure the movement of assets.

Binance said it froze approximately $3 billion in affected assets in cooperation with blockchain partners and pledged to cover all customer losses. Withdrawals were suspended immediately and the exchange said it is targeting a restart by Sunday. An initial investigation pointed to a compromised laptop, but Binance subsequently disclosed that it had uncovered additional points of breach. Founder Changpeng Zhao called the incident a "major disaster for the industry" while adding "it hurts, but we survive."

Crypto markets were rattled broadly. Bitcoin's price fell sharply, and the iShares Bitcoin Trust ETF dropped 5%. Coinbase shares fell more than 12% and Strategy declined 6%, even after both companies had reported quarterly profits the night before. The selloff was compounded by a broader technology sector decline tied to concerns over AI spending. Analysts at Fundstrat Global Advisors said the breach does not appear to pose a significant solvency risk to Binance, but the scale of the attack renewed sharp questions about security standards across the crypto industry.