Binance Hit by Record ~$6.3 Billion Crypto Hack
On October 29, 2026, Binance said attackers drained roughly $6.3 billion from its hot wallets — widely described as the largest crypto theft on record. Binance paused deposits and withdrawals, said user funds are safe, and pledged to cover losses. Figures are still being confirmed.
What happened
Binance, the world's largest cryptocurrency exchange, said attackers drained roughly $6.3 billion from its hot wallets beginning around 20:05 UTC on October 29, 2026. Blockchain-intelligence firm TRM Labs said funds moved across wallets on about ten blockchains, with most of the outflow occurring within roughly 20 minutes, and described it as the largest crypto theft on record.
Early estimates were lower and shifted quickly as the investigation unfolded. Some initial reports put the loss near $2 billion, with later figures ranging above $5.7 billion before the widely cited ~$6.3 billion number emerged. Treat the exact total as an estimate rather than a final, audited figure.
Who is being blamed
TRM Labs attributed the attack to North Korea's TraderTraitor group, pointing to a compromise of Binance's hot-wallet signing infrastructure. Binance's own initial investigation indicated that an engineer's compromised laptop gave the attacker access. As of the latest reports, no attacker had been formally named by Binance or government agencies.
Frozen funds and Binance's response
Reported freezes differ by source. TechCrunch cited roughly $1.56 billion frozen by Tether and about $800 million by Circle; Al Jazeera reported about $3 billion frozen; and ABC News cited roughly $4.2 billion. Binance said it paused deposits and withdrawals, that user funds were safe, and that it would cover losses — pointing to its SAFU reserve and company funds.
Why it matters
Beyond the headline number, the incident renewed concerns about the security of centralized exchanges and the concentration of assets in hot wallets. For everyday users, the episode is a reminder that funds left on an exchange carry counterparty and custody risk — and that self-custody or spreading assets across venues can reduce single-point-of-failure exposure.
Sources:
- ABC News: Billions stolen as Binance targeted in largest crypto hack in history
- Al Jazeera: Binance says $6.3bn stolen in biggest crypto heist in history
- TechCrunch: Binance pauses withdrawals as hackers suspected of stealing billions
- TRM Labs: North Korea steals $6.36 billion from Binance
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This article summarizes publicly reported news for general information only and is not financial advice. Figures were still being confirmed at the time of writing; see the linked sources for the latest details.