Binance Hit by Record $6.3 Billion Hack; Exchange Says It Will Bear All Losses
Binance, the world's largest cryptocurrency exchange, has been hit by a massive hack of 6.3 billion dollars, the largest theft of its kind in the industry so far. The Guardian reported the information on Friday.
Binance moved quickly to try to freeze the affected assets and has so far traced about 3 billion dollars. The company has not yet said anything about the remaining 3.3 billion dollars.
However, Binance co-founder Yi He has said the company will bear 'all losses' caused by the hack.
Binance co-chief executive Richard Teng said: 'In simple terms — your money is safe and we will make up any kind of loss.'
Analysts have blamed North Korea-backed hackers for the attack. According to the FBI, North Korea has a long history of crypto hacking.
Last year they were also behind the theft of about 1.5 billion dollars in virtual assets from a Tokyo cryptocurrency exchange — which was the previous record.
Crypto analytics firm TRM has said with a high degree of confidence that North Korea's special hacking unit 'TraderTraitor' was involved in the attack. Another analytics firm, Chainalysis, has also blamed 'TraderTraitor' for the theft.
Binance has not directly admitted the theft of money, but according to TRM and Chainalysis more than 6 billion dollars was taken. The company said its teams are working around the clock to resolve the problem.
According to Binance, an initial investigation suggests the breach may have begun with the hacking of an engineer's laptop. Through that, hackers gained access to one of its systems and made unauthorised withdrawals.
In a statement, the company said that as a precautionary measure, all deposits and withdrawals have been temporarily suspended. During this time security teams are carrying out necessary checks, securing the wallet infrastructure and working to identify the affected assets. The statement also said they are receiving assistance from law enforcement agencies and industry partners in this process.
On Binance, users can buy, sell and trade digital assets — it has 335 million registered users worldwide. According to the exchange's 2025 annual report, the assets held with it were worth about 162.8 billion dollars.
The impact was felt at the start of Asian market trading on Friday. The price of Bitcoin, the most popular crypto asset, fell by more than 3 percent to 76,368 dollars, its lowest in six weeks.
Shares of crypto exchange Coinbase Global fell 4.8 percent. Shares of Bitcoin-investing firm Strategy also fell by about 6 percent during extended trading in the United States.
Changpeng Zhao founded Binance in 2017. In 2023 he pleaded guilty to a felony in the United States. He resigned as CEO over allegations that he failed to prevent money laundering on his platform. Later, in 2025, Donald Trump pardoned him.
