A cryptocurrency exchange promising secure digital asset trading has become the target of what could be the biggest crypto theft in history.
Binance reportedly lost $6.3 billion in a cyberattack, forcing the exchange to temporarily suspend withdrawals across multiple networks. Meanwhile, stablecoin issuers Tether and Circle froze approximately $2.37 billion in assets linked to the incident, as investigators pointed toward North Korean hackers.
Here's what happened.
TL;DR
- Binance suffered a reported $6.3 billion cryptocurrency theft, potentially the largest crypto heist ever recorded.
- Tether and Circle froze approximately $1.57 billion and over $800 million in linked assets, respectively.
- Blockchain intelligence firms attributed the attack to North Korean hackers.
- Binance says customer funds remain safe and expects withdrawals to resume within 48 hours of its announcement.
Binance Crypto Hack Targets 10 Blockchains And Triggers Withdrawal Suspension
According to the latest reporting on the Binance cyberattack, attackers targeted the cryptocurrency exchange's wallets across 10 blockchains, moving most of the stolen assets within approximately 20 minutes.
Blockchain intelligence firms TRM Labs and Chainalysis attributed the attack to North Korean hackers. TRM Labs said the operation shared characteristics with previous North Korean-linked cryptocurrency thefts, including the 2025 Bybit breach.
However, Binance's initial investigation suggested that the attack may have begun with a compromised laptop belonging to an engineer, potentially allowing unauthorized access to company systems.
The exchange is still investigating the complete attack path, meaning the precise entry point has not been conclusively established.
Following the incident, Binance temporarily suspended withdrawals across multiple networks as a precaution.
The company said deposits were unaffected and expected withdrawal services to resume within 48 hours of its announcement. It also maintained that customer funds remained safe, with co-founder Yi He pledging that Binance would cover hacking losses.
Tether, Circle And Ripple Freeze Billions In Assets Linked To Binance Hack
While Binance worked to trace the stolen cryptocurrency, several major digital asset companies moved to restrict access to funds associated with the incident.
Tether froze nearly $1.57 billion, while Circle blocked more than $800 million in linked assets.
Ripple also froze approximately $200 million, according to Binance co-founder Yi He.
Separately, World Liberty Financial worked with cryptocurrency custodian BitGo to freeze funds connected to the attack. Yi He reported that $27 million in stablecoins and approximately $2 million in World Liberty tokens had been frozen.
Binance said it had located approximately $3 billion in affected assets through coordination with partners. However, the status of the remaining $3.3 billion was not disclosed.
The incident highlights the importance of coordinated asset tracking and freezing mechanisms in responding to cryptocurrency theft, particularly when stolen funds move rapidly between blockchain networks.
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Binance Hack Sends Bitcoin, Ether And BNB Lower As Crypto Security Concerns Grow
The cryptocurrency market reacted sharply to the reported theft.
Bitcoin fell more than 3% to a six-week low of $76,368, while Ether declined over 3% to $2,178, its lowest level in two months. BNB, the token originally launched as Binance Coin, dropped 5% over 24 hours to approximately $709.70.
The effects extended beyond cryptocurrency prices, with Coinbase shares falling 4.8% and Strategy shares declining nearly 6% in extended US trading.
The incident also raised questions about security at centralized cryptocurrency exchanges, particularly their ability to prevent unauthorized transfers and maintain sufficient reserves during major cyberattacks.
Binance operates a Secure Asset Fund for Users, a Bitcoin-backed reserve intended to protect customers during security incidents.
Binance.US, a separate exchange, said it was unaffected by the attack. Coinbase also reported that its operations were unaffected.
With the investigation ongoing, the critical questions are how much of the stolen cryptocurrency can ultimately be recovered and when Binance can fully restore normal withdrawal services.
