The world’s largest cryptocurrency exchange, Binance, has suffered a $6.3 billion hack suspected to have been carried out by North Korean state-backed hackers, in what experts have described as the largest theft in history, The Guardian reported.
Binance said it would cover all customer losses and had frozen approximately $3 billion in affected assets as it worked with law enforcement agencies and other cryptocurrency firms to recover the stolen funds.
Researchers attributed the attack, which took place late on Thursday, to TraderTraitor, North Korea’s elite hacking unit. Blockchain analysis firms TRM, Elliptic and Chainalysis linked the operation to the group, with TRM expressing high confidence in its assessment.
An initial investigation suggested the breach may have originated from a compromised laptop belonging to a Binance engineer, allowing an attacker to access one of the exchange’s systems and make unauthorized withdrawals. Binance later said investigators had identified additional points of breach in what it described as a sophisticated attack.
Tom Robinson, chief scientist at cryptocurrency consultancy Elliptic, described the theft as unprecedented. He said it was almost certainly the largest theft of any kind in history.
Binance co-chief executive Richard Teng said the company had set aside $6.34 billion to cover the stolen assets and assured customers their funds were safe.
The exchange temporarily suspended deposits and withdrawals while its security teams examined its systems, secured wallet infrastructure and traced affected assets.
Tether, the stablecoin issuer, said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million. Ethereum accounted for the largest share of affected assets, at approximately $3.8 billion, according to Elliptic.
The breach triggered an immediate market reaction. Bitcoin fell about 5% within hours of the news, reaching $77,380 in early Asian trading on Friday, its lowest level in six weeks.
Analysts warned that the incident could further undermine confidence in centralized cryptocurrency exchanges, which were already facing pressure from higher US interest rates and softer demand from exchange-traded fund investors.
Tim Sun, a senior researcher at Hong Kong-based HashKey Group, said the incident could dampen risk appetite and prompt investors to reassess the security of assets held on centralized exchanges.
North Korea has increasingly targeted cryptocurrency platforms to generate revenue amid international sanctions. Elliptic estimates that the country has stolen more than $6.5 billion in cryptocurrency in recent years, including more than $1 billion in 2026.
Binance said it was coordinating with law enforcement agencies worldwide, including the FBI and US Secret Service, to investigate the breach and recover funds.
The company, founded by Changpeng Zhao, has 335 million registered users globally and held approximately $162.8 billion in assets under custody, according to its 2025 annual report.
The UK Financial Conduct Authority said it was aware of the incident and was engaging with Binance to understand its impact. The Bank of England was also monitoring the situation, although there were no immediate concerns about wider financial-system exposure, according to a source familiar with the matter.
Binance.US, a separate exchange, said it was unaffected, while Coinbase also confirmed that its platform had not been affected.
The incident adds to a series of major cryptocurrency thefts. Attackers stole approximately $2.9 billion in digital assets across nearly 150 attacks last year, according to TRM. In September, cryptocurrency exchange Bitget reported that about $350 million had been stolen from its platform.
