Binance Hack: $6.3B Stolen in Largest Crypto Heist, $2.7B Frozen 

Binance, the world’s largest cryptocurrency exchange, has confirmed a security incident in which roughly $6.3 billion in digital assets was drained from its wallets and what could be the largest cryptocurrency theft ever recorded.

Blockchain analytics firm TRM Labs puts the total at approximately $6.36 billion, far surpassing the previous record: the $1.5 billion Bybit hack in February 2025.

Billions Gone in 20 Minutes

The attacker moved funds out of Binance-linked wallets across ten blockchains on October 29, according to blockchain analytics firm TRM Labs. The transfers spanned Ethereum, Bitcoin, Tron, the XRP Ledger and Solana, among others.

Most of the money was gone within roughly 20 minutes, with the first transfers beginning around 20:05 UTC. A second, smaller wave followed about three hours later, targeting Avalanche and Polygon.

Ethereum accounted for the largest share of the stolen assets, at approximately $3.79 billion. Bitcoin outflows totalled 18,270 BTC, worth around $1.47 billion.

TRM links the attack to TraderTraitor, North Korea’s leading cybercrime group.

How the Breach Happened

Binance’s initial investigation points to a compromised DevOps engineer’s laptop as the possible entry point. The attacker allegedly used it to access a service container and submit unauthorized withdrawal transactions.

The exchange said it has found no evidence that wallet private keys were leaked. It has promised a detailed technical post-mortem once the investigation is complete and the facts have been verified.

Binance also confirmed that the amount stolen stands at approximately $6.3 billion. “We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far,” the crypto exchange said in a post on X. 

Binance says it will cover all losses using its SAFU emergency fund and company funds, and insists that user funds are safe. 

The exchange has temporarily suspended deposits and withdrawals, revoked the affected address authorization, and enlisted law enforcement and blockchain intelligence partners. It also plans to publish an updated Proof of Reserves once remediation is complete.

$2.7 Billion Frozen — But Billions Still at Large

As an immediate security measure, Binance suspended deposits and withdrawals, revoked authorization for the compromised address, and enlisted law enforcement and blockchain intelligence firms to track down and recover the stolen funds.

Binance says approximately $3 billion has been frozen on-chain. TRM Labs puts the figure at a slightly lower $2.7 billion.

According to them, Tether froze about $1.77 billion in USDT, Circle blocked $825 million in USDC, Ripple froze $40.5 million in RLUSD, and World Liberty Financial froze $27.8 million in USD1. Arbitrum’s Security Council also seized control of approximately $30 million in ETH and ARB. 

TRM estimates that roughly $2.4 billion remains beyond issuers’ reach, with investigators expecting attempts to move the funds through crypto bridges, swap services and over-the-counter brokers. 

Why This Matters

The Binance hack is four times larger than the previous record, and it hit the world’s largest exchange. How much stolen money is recovered, and how quickly Binance reopens withdrawals, will shape market confidence in exchange security.

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