Binance Targeted in $6.3 Billion Heist; North Korea Suspected
Cryptocurrency exchange Binance reported a massive security breach, potentially resulting in the loss of $6.3 billion, with indicators pointing to North Korean hackers.
Cryptocurrency platform Binance announced it has been the target of a $6.3 billion heist, a figure that could represent the largest cryptocurrency theft on record. Initial investigations suggest the incident may be linked to North Korean hackers.
Binance, the world's largest crypto exchange by daily trading volumes, released statements on the social media platform X that presented some conflicting information, initially assuring users that "user funds are completely safe" while also stating that the company would "cover all losses."
AI-powered investigations company TRM Labs noted that aspects of the attack bear resemblance to previous hacks attributed to North Korea.
A spokesperson for Binance stated, "Rest assured that user funds are completely safe. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information."
The company reported that it has collaborated with blockchain partners to freeze affected assets, with approximately $3 billion frozen on-chain to date. Binance's preliminary investigation indicated that the security breach may have originated from a compromised DevOps engineer's laptop, which allowed an attacker to access a service container and initiate unauthorized withdrawal transactions. The company added that it has found no evidence of any wallet private key leaks.
Binance stated that it would release further technical details once the investigation is complete and the facts are fully verified. The company also mentioned that its teams are working closely with law enforcement, issuers, blockchain intelligence firms, and industry partners to trace and freeze additional assets.
Consequently, all deposits and withdrawals have been temporarily suspended as Binance conducts security checks, freezes funds, and cooperates with law enforcement agencies.
Stablecoin providers Tether and Circle confirmed they had frozen funds in response to the incident. Jeremy Allaire, co-founder and CEO of Circle, announced on X that his company had frozen over $800 million worth of currency associated with the incident, in coordination with law enforcement. Tether CEO Paolo Ardoino also reported on X that Tether had frozen over $1.5 billion related to the "potential Binance exchange hack."
The price of Bitcoin saw a decline of 3.2 percent on Thursday evening, falling below $79,000.
Binance was founded in 2017 by Changpeng Zhao. In 2023, Zhao pleaded guilty to a felony charge related to his failure to prevent money laundering on the platform and subsequently stepped down as CEO. He was pardoned by President Donald Trump in 2025. Zhao confirmed on X that "User funds are safe!" but acknowledged that the incident "does look like a hack on Binance." He added that although he no longer manages the company, "as a shareholder, I expect all user funds will be fully covered."
Zhao was released from prison in 2024 after serving time for violating the Bank Secrecy Act. Prosecutors had stated that no individual had previously violated the act to the extent Zhao had. Zhao and Binance have been significant supporters of some of the Trump family's cryptocurrency ventures.