Binance hit by $6.3 billion hack, vows to cover customer losses
Binance says about half of the $6.3 billion is frozen and the company will absorb customer losses; analysts point to North Korean "Trader Traitor."
Binance announced that $6.3 billion in digital assets were affected in what the company called a breach that could be the largest crypto exchange hack on record.
The exchange said roughly half of the affected funds have been frozen, while «many» remain in the hands of the attackers. Binance also stated it will cover all customer losses resulting from the incident.
Initial probe points to compromised engineer device
“Initial checks indicate the incident may have involved an engineer's laptop that was compromised, allowing the attacker to perform an unauthorized withdrawal of funds,” the company said.
Two analytics firms have linked the intrusion to a North Korean hacker unit known as "Trader Traitor." AI-investigations company TRM Labs said several elements of the attack resemble previous incidents tied to North Korea, citing the 2025 hack of Bybit in which $1.5 billion was stolen.
Authorities and blockchain trackers are conducting further forensic work to trace the flow of the stolen assets. The scale of the loss has intensified scrutiny of security practices at major crypto platforms and renewed demands for stronger custody safeguards across the industry.
Binance did not provide a full timeline for remediation, and investigations by internal teams and external partners are continuing.
Photo: AP)
