Key Takeaways
- • Hackers stole $6.3 billion ($8.9 billion) from Binance, the world's largest crypto exchange, in what analysts describe as the largest crypto hack on record, according to the reporting.
- • TRM Labs and Chainalysis attribute the attack to North Korean actors, with TRM citing features matching the 2025 Bybit hack that the FBI attributed to Pyongyang.
- • Binance has frozen about $US3 billion so far and said it would cover "all hacking losses"; the status of the remaining $US3.3 billion has not been updated.
- • Tether froze nearly $US1.57 billion and Circle froze more than $US800 million in linked assets, while World Liberty Financial said it helped freeze stolen funds with BitGo.
- • Bitcoin fell more than 3% to a six-week low of $US76,368 and ether dropped to a two-month low of $US2,178, with analysts warning of renewed scrutiny of centralised exchange custody risk.
Summary
Hackers stole $6.3 billion ($8.9 billion) from Binance, the world's largest cryptocurrency exchange, in what analysts say is the largest crypto hack ever recorded. Blockchain analysis firms TRM Labs and Chainalysis attribute the attack to North Korea. According to TRM Labs, the attackers targeted Binance wallets across 10 blockchains and moved most of the funds within about 20 minutes. TRM said several features matched earlier North Korea-linked heists, including the 2025 Bybit hack that the US Federal Bureau of Investigation attributed to Pyongyang, and stated it made the judgment "with high confidence."
Binance said it had worked with partners to freeze the affected assets, with about $US3 billion located so far. The exchange has not updated on the remaining $US3.3 billion. Co-founder Yi He said the company would cover "all hacking losses." Binance said an initial investigation suggested the breach may have originated from a hacked laptop belonging to one of its engineers, which allowed an attacker to access a system and make unauthorised withdrawals. The exchange said all deposits and withdrawals were temporarily suspended while security teams conduct checks, and that "user funds remain safe." Binance, which has 335 million registered users, had about $US162.8 billion in assets under custody as of its 2025 annual report. It maintains a secure asset fund held entirely in bitcoin to protect user assets in security breaches, according to its website.
Markets reacted on Friday. Bitcoin dropped more than 3% to a six-week low of $US76,368, and ether fell more than 3% to a two-month low of $US2,178. Analysts said the breach could further dampen risk appetite, particularly given existing pressure from higher US interest rates and softer demand from exchange-traded fund buyers. Tim Sun, senior researcher at HashKey Group, said the event may prompt investors to reassess counterparty, solvency and liquidity risks at centralised exchanges. Aravind Srinivasan, head of GSR's systematic OTC business, called it "the biggest hack in history."
Stablecoin issuer Tether said it had frozen nearly $US1.57 billion in linked assets, and Circle froze more than $US800 million. World Liberty Financial, a crypto company linked to US President Donald Trump and his family, said it worked with custodian BitGo to freeze funds stolen in the hack. The incident adds to a string of thefts: attackers stole $US2.9 billion across nearly 150 attacks last year, per TRM Labs, and Bitget reported about $US350 million stolen in September.
Binance said it had worked with partners to freeze the affected assets, with about $US3 billion located so far. The exchange has not updated on the remaining $US3.3 billion. Co-founder Yi He said the company would cover "all hacking losses." Binance said an initial investigation suggested the breach may have originated from a hacked laptop belonging to one of its engineers, which allowed an attacker to access a system and make unauthorised withdrawals. The exchange said all deposits and withdrawals were temporarily suspended while security teams conduct checks, and that "user funds remain safe." Binance, which has 335 million registered users, had about $US162.8 billion in assets under custody as of its 2025 annual report. It maintains a secure asset fund held entirely in bitcoin to protect user assets in security breaches, according to its website.
Markets reacted on Friday. Bitcoin dropped more than 3% to a six-week low of $US76,368, and ether fell more than 3% to a two-month low of $US2,178. Analysts said the breach could further dampen risk appetite, particularly given existing pressure from higher US interest rates and softer demand from exchange-traded fund buyers. Tim Sun, senior researcher at HashKey Group, said the event may prompt investors to reassess counterparty, solvency and liquidity risks at centralised exchanges. Aravind Srinivasan, head of GSR's systematic OTC business, called it "the biggest hack in history."
Stablecoin issuer Tether said it had frozen nearly $US1.57 billion in linked assets, and Circle froze more than $US800 million. World Liberty Financial, a crypto company linked to US President Donald Trump and his family, said it worked with custodian BitGo to freeze funds stolen in the hack. The incident adds to a string of thefts: attackers stole $US2.9 billion across nearly 150 attacks last year, per TRM Labs, and Bitget reported about $US350 million stolen in September.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.