Binance Hit by Largest-Ever Crypto Hack Blaming North Korea

Crypto has just suffered its biggest theft on record. Hackers drained about $6.3 billion from Binance on October 29, 2026. The Binance hack is now the largest in crypto history. Blockchain analysts have blamed North Korea for the breach.

Binance is the world’s biggest cryptocurrency exchange. The scale of this attack dwarfs every past heist. In other words, no theft has ever come close. Additionally, the company has suspended some deposits and withdrawals.

How Big is the Loss?

The exact figure depends on how the assets are valued. Binance itself estimates the loss at about $6.3 billion. Two leading analytics firms put it slightly higher. The key numbers are below.

• Binance estimate: about $6.3 billion
• TRM Labs valuation: $6.36 billion
• Elliptic valuation: $6.43 billion at the time of the theft
• Date of the breach: October 29, 2026
• Prior record: the $1.4 to $1.5 billion Bybit hack of 2025

The small gaps come from different valuation methods. Prices shift fast across crypto assets. Consequently, each firm reached a slightly different total. Either way, this is by far the largest crypto hack ever.

How did the Binance Hack happen?

Many readers will ask how such a theft was possible. The attack targeted the systems behind a Binance hot wallet. A short explainer makes the method clearer. The sections below break it down.

Method of the Attack

A hot wallet is an exchange wallet kept online. It moves funds quickly but stays more exposed. Attackers gained control of the signing system behind one. They did not crack private keys one by one.

Analysts say the attacker abused a feature called EIP-7702. It let them turn the wallet into an automated “sweeper”. About 50 approvals were pre-signed in advance. Therefore, the theft ran in a matter of minutes.

Binance’s Explanation

Binance first pointed to a compromised engineer’s laptop. That access reached a service container, it said. The company later called it a more complex attack. It also said it found additional points of breach.

Co-CEO Richard Teng gave more detail afterward. He said the attack “was not carried out by one person”. He added that it bypassed normal approval controls. In other words, the full picture is still emerging.

Where did the Money go?

The stolen funds were spread across many blockchains. That made the theft harder to trace and freeze. The table below shows the rough split.

Stablecoin issuers moved quickly to freeze funds. Tether and Circle froze large amounts of USDT and USDC. TRM Labs reported about $2.7 billion frozen by October 30. Elliptic verified $2.85 billion, or 44%, by October 31.

However, a large share remains out of reach. Bitcoin and Ether cannot be frozen by any issuer. In other words, those assets are far harder to recover. The attacker still controls billions in such tokens.

Who is Behind the Attack?

Attribution comes from blockchain-forensics firms, not governments. TRM Labs and Elliptic both point to North Korea. They name a state unit called TraderTraitor. It focuses almost entirely on stealing crypto.

TRM made the call with “high confidence”. Elliptic said North Korea was the “likely” culprit. No government has yet confirmed the attribution. Additionally, Binance has not publicly named any attacker.

The same group has a notorious record. The FBI blamed TraderTraitor for the 2025 Bybit hack. That theft took around $1.4 billion. This new breach is roughly four times larger.

Are Binance User Funds Safe?

This is the question most users are asking. Binance says customer funds are safe. It has promised to cover the losses in full. The company is drawing on its reserves to do so.

Binance says it will use its SAFU emergency fund. It added that company funds will cover the rest. The exchange reserved more than $6.34 billion for this. It also promised a full Proof of Reserves report.

Withdrawals were paused on several networks as a precaution. Teng said he hoped they would resume within days. Ultimately, users will want proof, not just assurances. The coming days will test Binance’s promises.

Why this matters for Business and Security?

The hack is a warning for the whole digital economy. State-backed groups are now targeting huge financial prizes. Crypto exchanges hold vast sums in connected systems. That makes them prime targets for skilled attackers.

The threat extends well beyond crypto exchanges. B2BInside reported on the global tech firms’ call for a “defensive offensive” against AI attacks. But fraud prevention is also transforming digital payments. Our report on Visa buying BioCatch for $2.4 billion shows that shift.

For businesses, trust in digital platforms is now vital. Verified partners and secure systems reduce real risk. A digital B2B platform enables companies to engage with trusted and verified counterparties. These sites emphasize verification and more secure transactions. That’s a comfort as cyber threats increase.

What comes next?

This remains a fast-moving story. Frozen totals and the final loss keep changing. Investigators are still tracing the stolen funds. More detail on the breach will likely follow.

Finally, the Binance hack signifies a watershed in crypto security. It demonstrates that the largest exchanges can be compromised. Fans are left to wait for full reparations and answers. The industry will study this attack for years.