Binance Hack: Record $6.3 Billion Heist Shakes Crypto Markets

Binance hack: hackers stole around $6.3 billion in the biggest crypto heist on record. Learn who is blamed, how Bitcoin reacted and whether user funds are safe.

The Binance hack has become the largest cryptocurrency theft ever recorded and has rattled investors worldwide. Binance, the world’s largest crypto exchange, halted trading on Thursday after hackers allegedly linked to North Korea stole more than $6 billion. The news sent Bitcoin and Ether sharply lower and raised fresh questions about how safe digital assets are on large exchanges.

What Happened in the Binance Hack?
Binance said the estimated total impact is around $6.3 billion. Blockchain tracker TRM Labs gave a slightly higher figure. It estimated that about $6.36 billion was moved out of Binance wallets across 10 blockchains, most of it within roughly 20 minutes.

Early posts on X had suggested losses anywhere from $2 billion to $8 billion. Binance’s own figure is the one most outlets now use. The theft is more than four times the $1.5 billion Bybit hack of February 2025, which was the previous record.
Fortune

How Did the Hackers Break In?
Binance said its early investigation points to a compromised engineer’s laptop. That access let the attacker reach Binance’s systems and make unauthorised withdrawals. The exchange said it has paused deposits and withdrawals while security checks are completed, and it has brought in law enforcement and blockchain intelligence firms to trace the money.

The investigation is still at an early stage. Binance has not yet published a full account of the attack.

Binance Hack: Who Is Blamed?
Several investigators point to North Korea. TRM Labs attributed the attack with high confidence to TraderTraitor, a North Korean state-sponsored hacking unit. Chainalysis said it was likely the same group. Singapore-based Pangolin Intelligence also pointed to a North Korean unit. TRM investigator Nick Carlsen told The Wall Street Journal, “This was absolutely North Korea.”

There is a caveat. No one has claimed responsibility, and Binance has not named a culprit. North Korea has denied hacking allegations in the past. US and South Korean officials and UN reports have long described crypto theft as a major source of revenue for Pyongyang.

Bitcoin Price and Crypto Market Reaction
Markets reacted quickly. Bitcoin fell to a six-week low of $77,646, and Ether dropped to a two-month low of $2,238.76. By midday Friday in Hong Kong, both had recovered part of the loss and were trading about 2–3% lower.

Fortune noted that the fall was not dramatic and coincided with a sell-off in wider financial markets. That makes it hard to say how much of the drop is due to the Binance hack alone.

Are Binance User Funds Safe? What Is Being Done
Binance says customers will not bear the loss. It said it will cover all losses using its SAFU emergency fund and company funds, and that user funds are safe. Binance co-founder Changpeng Zhao, who no longer runs the exchange but remains its largest shareholder, said on X that he expects users to be fully covered.

Recovery efforts are under way. By Thursday night in the US, crypto firms had frozen about $3 billion of the stolen assets. Tether said it froze nearly $1.57 billion, and Circle froze more than $800 million. Investigators expect a long chase. A Pangolin analyst told CNN the “cat and mouse game has barely begun,” because North Korea is likely to use money-laundering networks to cash out.

What Happens Next?
Three things are worth watching:

Recovery: how much of the stolen money can be frozen or traced.
Reopening: when Binance restores deposits and withdrawals.
Regulation: whether the Binance hack leads to tougher rules. Exchanges hold assets on behalf of users, which makes them an attractive target, and the industry has relatively light oversight.

Binance has had a turbulent history. Zhao co-founded it in 2017, and it became the world’s largest exchange within a year. He stepped down in 2023 after pleading guilty to US anti-money laundering violations, and he was pardoned by President Donald Trump in October 2025.

Binance Hack: Frequently Asked Questions

Q1. How much was stolen in the Binance hack?
Binance estimates the impact at about $6.3 billion. TRM Labs puts it at about $6.36 billion.

Q2. When did the Binance hack happen?
On Thursday, October 29, 2026.

Q3. Who is behind the Binance hack?
TRM Labs, Chainalysis and Pangolin Intelligence point to North Korea. Binance has not officially named a culprit.

Q4. Are my funds on Binance safe?
Binance says user funds are safe and that it will cover all losses.

Q5. Why did Bitcoin fall?
The hack shook confidence in exchange security, and a broader market sell-off happened at the same time.

Conclusion
The Binance hack is a stark reminder of how exposed even the largest crypto exchanges can be. Binance has promised to cover the losses, and billions have already been frozen. Even so, the scale of the theft and the suspected North Korean role mean the story is far from over. Readers who hold crypto should follow official Binance updates and use caution. This article is for information only and is not financial advice.

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