On Thursday, October 30, 2026, hackers launched a massive attack on Binance, the world's biggest cryptocurrency exchange, stealing a record $6.3 billion in cryptocurrencies. According to blockchain records and expert analysis, the attackers drained about $6.3 billion from wallets used by Binance to process transactions. The exchange initially suspected a compromised laptop but later revealed additional points of breach.
The hack unfolded in approximately 20 minutes, starting shortly after 2000 GMT. The attackers compromised Binance's "signing infrastructure," which authorizes transactions, allowing them to empty the affected wallets. Once the funds were moved, the attackers quickly shifted them to prevent Binance counterparties and stablecoin issuers from tracking the stolen assets.
An unusual feature of some cryptocurrencies, including major stablecoins such as Tether's USDT and Circle's USDC, allows their issuers to freeze them remotely. This feature has limited the attackers' ability to convert the stolen assets into cash. About half of the stolen assets, worth roughly $3.15 billion, are stablecoins that have been frozen by issuers, including Tether, Circle, Ripple, and World Liberty Financial.
US blockchain analysis firms, including TRM Labs, have attributed the attack to North Korean hackers, citing similarities with previous operations. However, Binance's co-CEO, Richard Teng, stated that the investigation had not yet identified the attackers. North Korea routinely denies involvement in cyberattacks and cryptocurrency thefts, and its missions in Geneva and China did not respond to requests for comment.
The stolen assets are being laundered, with some funds posted as collateral to borrow ether. Approximately $2.4 billion worth of bitcoin and ether is currently beyond the attackers' reach. Market participants expect the attackers to mix the stolen coins with other assets or use lesser-known coins and exchanges to try to move the proceeds.
The theft has significant implications for the cryptocurrency sector, which has seen a series of major digital asset breaches. According to TRM Labs, attackers stole $2.9 billion of cryptocurrency across nearly 150 incidents last year. The attack has also affected investor confidence, with cryptocurrencies falling on Friday and the total market value of stablecoins declining.
The incident highlights the need for enhanced security measures in the cryptocurrency sector. Binance operates a secure asset fund for users, a $1 billion bitcoin reserve designed to protect customers in the event of a security breach. The exchange has assured users that losses will be covered by the fund and company resources.
Key points
- The attack on Binance is one of the largest digital asset breaches in history.
- North Korean hackers are suspected to be behind the attack.
- The stolen assets have been partially frozen by stablecoin issuers, limiting the attackers' ability to convert them into cash.
