Binance Reports $6.3 Billion Crypto Attack, the Largest on Record

Binance, the world's largest cryptocurrency exchange by daily trading volumes, confirmed it had been hit by a cyberattack with an estimated total impact of around $6.3 billion (€5.5bn) — more than four times the size of the previous record, the $1.5 billion theft from Bybit in February 2025. Despite the scale, Binance said "user funds are completely safe" and pledged to cover all losses, while also announcing it had temporarily suspended all deposits and withdrawals as security checks continued. Blockchain investigation firm TRM Labs said it had "high confidence" the attack was carried out by TraderTraitor, a North Korea-linked group believed to be part of the Lazarus Group — the same hackers behind the Bybit heist and the 2014 Sony Pictures breach. An initial investigation pointed to a compromised laptop belonging to a DevOps engineer, which gave attackers access to a service container to execute unauthorized withdrawals; Binance said no private-key leaks were found. Working with blockchain partners, the company reported approximately $3 billion frozen on-chain. Separately, stablecoin issuer Tether froze around $1.6 billion in USDT and Circle froze more than $800 million in USDC tied to the incident. Bitcoin and Ethereum fell nearly 5% and 6% respectively before recovering to around 0.8% losses, while Binance's native token BNB dropped nearly 10% before rebounding 2.7%.