Hackers stole $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in a historic breach that analysts attribute to North Korea and warn could shatter trust in digital assets.
The news sent cryptocurrency prices tumbling, prompting Binance to halt withdrawals while promising to reimburse all affected users. Meanwhile, stablecoin issuers—including Tether, Circle, and the Trump-backed World Liberty Financial—swiftly froze nearly half of the stolen funds.
“This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance said in a post on X.
Binance assured customers that their money remains safe and highlighted ongoing collaboration with industry partners, who have located and frozen roughly $3 billion so far. The exchange expects to restore withdrawal services within the next 45 hours, though it omitted any update on the remaining $3.3 billion.
Binance assured clients that their funds remain secure as it collaborates with industry partners to freeze stolen assets, locating roughly $3 billion so far. The platform expects to resume withdrawal services within 45 hours, though it made no mention of the remaining $3.3 billion.
According to its website, the exchange maintains a $1 billion bitcoin emergency reserve—the Secure Asset Fund for Users—to protect client assets during security breaches.
According to US blockchain analytics firms TRM Labs and Chainalysis, the majority of the heist occurred within approximately 20 minutes late Thursday, mirroring tactics from earlier major cyberattacks linked to North Korea.
Backstory…
One of the most significant previous incidents was the February 2025 Bybit hack, in which attackers stole approximately $1.5 billion in cryptocurrency from the Dubai-based exchange.
The FBI subsequently attributed the attack to North Korea’s TraderTraitor hacking group, which is associated with the Lazarus Group.
North Korea’s alleged involvement in cryptocurrency thefts has also been linked to the country’s efforts to generate foreign revenue despite international sanctions.
US authorities and cybersecurity investigators have repeatedly accused North Korean state-sponsored hackers of targeting cryptocurrency businesses and using stolen digital assets to support the country’s government programmes, including weapons development
