Binance, the world’s largest cryptocurrency exchange, has confirmed a major security incident impacting digital assets on its platform. While some reports have characterized the event as the "largest hack in history" involving $6.3bn (£4.7bn) in assets, the exchange is currently investigating the full extent of the breach and has not explicitly confirmed the total amount of funds pilfered.
Investigation and Attribution
Preliminary findings suggest the unauthorized withdrawals may have been facilitated by a compromised laptop belonging to a Binance engineer. The exchange has pledged to "cover all losses" and successfully collaborated with other platforms to freeze roughly half of the impacted assets shortly after the incident was identified. The breach significantly eclipses the $1.5bn hack of the Bybit exchange in 2025.
Analytics firms, including TRM Labs, have linked the attack to the North Korean hacking unit known as TraderTraitor, citing similarities to previous operations attributed to the group. Industry observers had raised alarms regarding suspicious activity on the platform hours before the exchange officially acknowledged the security issue.
Market Impact
The news triggered an immediate reaction in the digital asset markets, with Bitcoin prices falling by more than 4%. Other major cryptocurrencies, including Ethereum and Solana, also experienced sharp declines. Founded in 2017, Binance currently serves over 300 million registered users and reported holding more than $160bn in assets under custody in 2024.
