Binance reported that approximately $6.3 billion was impacted in an apparent hack.
The world's biggest cryptocurrency exchange reported Thursday that approximately $6.3 billion was impacted in an apparent hack.
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An independent record of the October 2026 Binance hack
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The world's biggest cryptocurrency exchange reported Thursday that approximately $6.3 billion was impacted in an apparent hack.
TRM, in a post on its website Thursday, attributed the attack to TraderTraitor, which it described as North Korea's elite hacking unit. "We make this judgment with high confidence," the firm said.
Zhao posted Thursday on X that "User funds are safe!" but added that the theft "does look like a hack on Binance."
It said Friday that it was beginning to recover assets for users.
Binance said it worked with blockchain partners to freeze roughly $3 billion in affected assets.
The cryptocurrency exchange said deposits were unaffected, while withdrawals have been suspended and are expected to resume in the next day or two.
It said it will cover all losses.
The company said on X that an initial investigation suggested the incident may have involved a compromised laptop, but that a subsequent investigation uncovered additional "points of breach."
"An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes," TRM said.
That would make the hack the largest cryptocurrency theft on record, it said.
"Several features of this attack match earlier North Korea-linked heists, including the Bybit hack," TRM said.
Blockchain analysis company Chainalysis also believed the Binance hack was "likely done by DPRK group TraderTraitor," its co-founder and CEO Jonathan Levin wrote on X.
Asked about the potential ties to North Korea, a Binance spokesperson said only that the company is "working closely with our law enforcement partners to confirm the identity of the criminals and bring them to justice."
He added that while he doesn't manage Binance anymore, "as a shareholder, I expect all user funds will be fully covered."
"This looks like one signature that gave the attacker a never-expiring, full-access token to a Binance hot wallet," he said, referring to cryptocurrency wallets that hold users' "private keys," or unique authorizations, digitally and which are connected to the internet.
The event, meanwhile, also raises questions about why stronger approval controls were not in place, said Kok Tin Gan, cofounder and CEO of cybersecurity firm NyxLab.