Binance, the world's largest cryptocurrency exchange, has been hit by what appears to be the biggest crypto hack in history. The exchange said about $6.3 billion was stolen in a "security incident" on Thursday, October 29, sending shockwaves through the crypto market.
"Binance hack," "bitcoin price" and "Binance" were among the top searches in the United States as users rushed to find out whether their money was safe.
What Happened at Binance
Trouble began on Thursday when users reported funds being drained from the exchange's hot wallets, the internet-connected wallets used to process withdrawals. Binance founder Changpeng Zhao, who no longer runs the company but remains its largest shareholder, posted on X that the exchange had likely been hacked. Binance confirmed the incident hours later.
According to an initial investigation reported by Al Jazeera, the attacker made unauthorized transactions after gaining access through an engineer's compromised laptop.
Who Is Behind the Binance Hack?
Blockchain intelligence firm TRM Labs said it assessed "with high confidence" that the attack was carried out by TraderTraitor, a North Korean hacking unit that investigators link to the notorious Lazarus Group.
If confirmed, the theft would be roughly four times larger than the previous record: the 2025 hack of the exchange Bybit, which was also blamed on North Korea and topped $1.4 billion.
Are Binance User Funds Safe?
Binance says yes. The exchange said user funds are "safe" and that it will cover all losses. It also took several emergency steps:
- Suspended deposits and withdrawals while it investigated.
- Worked with law enforcement to trace the stolen funds.
- Promised a detailed technical post-mortem once the investigation is complete.
Binance also warned users to watch out for scams. Fraudsters often impersonate exchanges after major incidents, so users should only trust announcements from Binance's official website and verified accounts.
Billions Frozen by Stablecoin Issuers
Part of the stolen money has already been locked down. Stablecoin issuer Tether said it froze about $1.56 billion linked to the hack, and Circle also froze funds as they moved through its networks. Al Jazeera reported that around $3 billion in total had been frozen.
Bitcoin Price Reaction
The crypto market fell on the news. Bitcoin dropped about 5%, slipping below $77,000. Analysts warned that a blow to confidence in the biggest exchange could weigh on prices and push some traders toward decentralized platforms.
What Binance Users Should Do Now
- Don't panic-sell based on rumors. Check Binance's official channels for updates on withdrawals.
- Beware of phishing emails, texts and fake support accounts.
- Turn on two-factor authentication and review your account security settings.
- Consider self-custody for long-term holdings.
Frequently Asked Questions
How much was stolen in the Binance hack?
Binance said about $6.3 billion, which would make it the largest crypto theft on record.
Who hacked Binance?
TRM Labs believes North Korea's TraderTraitor unit, linked to the Lazarus Group, was responsible.
Will Binance users get their money back?
Binance says user funds are safe and that it will cover all losses.