Binance’s $6.3 billion hack raises questions about crypto wallet safety
Two high-profile security incidents this week, including the largest crypto theft in history, have raised custody and safety concerns.
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Two high-profile security incidents this week, including the largest crypto theft in history, have raised custody and safety concerns.
Binance executives are scrambling to recover billions of dollars after the crypto platform was hit by what is being described as the biggest heist in cryptocurrency history. Hackers reportedly stole $6.3 billion from users, with analysts pointing the finger at North Korea. The attack far surpasses the previous record set in February 2025, when hackers stole $1.5 billion from crypto exchange Bybit.
If the accusations are true, the record-making heist shows how powerful suspected North Korean hackers have become.
Crypto exchanges make it easier to buy, sell and store digital assets, but they come with risks, too.
Bitcoin was trading down about 4% on Friday afternoon, less than a day after the biggest crypto hack in history.
More than $6 billion in crypto was stolen from Binance, setting off a race to recover the funds before North Korea-linked hackers can launder them into cash.
Cryptocurrency giant Binance said on Thursday that $6.3bn (£4.7bn) of digital assets have been impacted by what is thought to be the biggest crypto hack on record.
The cyber-attack, which the company describes as complex, is believed to be the largest ever of its kind.
Cryptocurrency exchange giant Binance has been targeted by a record-breaking $6.3 billion cyber heist, with blockchain intelligence firms linking the attack to North Korea. By Thursday night in the US, a coordinated effort by major crypto platforms successfully froze roughly $3 billion of the stolen assets during a high-stakes race to track and secure the digital funds.
Hackers stole $6.3 billion in cryptocurrency from Binance in a record-breaking heist, prompting issuers to freeze roughly half of the stolen assets. The breach, which US analysts suspect was done by North Korean hackers, has shaken confidence in the crypto market.
The world’s largest crypto exchange halts withdrawals as the theft is linked to North Korean hackers.
Binance co-founder Changpeng Zhao asked Elon Musk to stop “trolling” after a $6.3 billion hack, pointing to Binance’s $1 billion-plus SpaceX stake.
Crypto platform Binance has suspended trading following a suspected hack now linked to North Korea. The disruption has left users unable to trade on the cryptocurrency platform while the suspected breach is investigated.
Crypto platform Binance has suspended trading following a suspected hack now linked to North Korea. The disruption has left users unable to trade on the cryptocurrency platform while the suspected breach is investigated.
Billions in crypto assets have been frozen following a potential Binance security breach, raising questions about whether the funds can be recovered.
Cyber correspondent Joe Tidy explains more about what is suspected to be the biggest hack in history.
Binance said on Thursday that a security breach had affected an estimated $6.3 billion in assets, potentially making it the biggest cryptocurrency heist on record. The world's largest crypto exchange said it had recovered or frozen about $3 billion, while analysts have pinned the blame for the hack on North Korea.
The platform suspended some trading while crypto companies froze billions in their respective currencies. The full extent of the possible hack was not yet clear.
Two analytics firms have attributed the incident to a North Korean hacking unit called TraderTraitor.
A blockchain intelligence firm attributes the attack to North Korean state-sponsored hackers.