Binance said Thursday that $6.3bn in digital assets were compromised in what multiple cyber-security firms believe is the largest cryptocurrency hack on record. The world's largest crypto exchange said roughly half of the stolen assets have been frozen, but many remain with the attackers. Binance stated it will cover all losses.
Three analytics firms, Check Point, TRM Labs and Chainalysis, attributed the incident to a North Korean hacking unit known as Lazarus Group or TraderTraitor. The hack eclipses the previous record of $1.5bn stolen from Bybit in 2025, also linked to North Korean operatives.
Binance co-CEO Richard Teng said initial investigation pointed to a compromised engineer's laptop that allowed unauthorized withdrawal transactions. He described it as "a more complex attack process" and said investigators found no evidence of wallet private key leaks. The company later stated additional breach points had been uncovered.
Tether and Circle froze a combined $2.4bn of the stolen assets in response. Binance temporarily disabled withdrawals until systems are confirmed secure. The company said it is working with law enforcement to identify and prosecute those responsible.
Bitcoin fell more than 4% after the incident became public. Ethereum and Solana prices also dropped sharply. Binance.US, a smaller platform serving American residents, said it was unaffected.