Binance hack: $6.4 billion stolen in the biggest theft ever. What users need to know
Hackers stole about $6.4 billion in crypto from Binance on October 29, the largest theft on record. Investigators suspect North Korea. Here's how it happened, whether your funds are safe, and what to do.
The world’s largest crypto exchange, Binance, has suffered the biggest theft in history. On October 29, 2026, hackers stole about $6.4 billion in cryptocurrency. Blockchain investigators say North Korea is the most likely culprit.
If you use Binance, here’s what you need to know.
What happened?
- Amount: about $6.43 billion, according to blockchain analytics firm Elliptic (Binance estimates about $6.3 billion).
- Record: more than four times the previous biggest crypto theft, the $1.46 billion Bybit hack in February 2025.
- Speed: funds were moved across 11 blockchains in about three hours.
- What was taken: mostly Ethereum and tokens on Ethereum ($3.8 billion), Bitcoin ($1.48 billion) and stablecoins such as USDT and USDC (about $3.46 billion in total).
How did hackers get in?
Binance first linked the breach to a compromised engineer’s laptop that gave access to part of its systems, and later said it found more entry points. Co-CEO Richard Teng said the attack “was not carried out by one person.”
Importantly, investigators say the hackers didn’t steal Binance’s secret keys. Instead, they tricked Binance’s own systems into approving the transfers. On Ethereum, they used a newer feature that let them hand control of a Binance “hot wallet” (a wallet connected to the internet) to their own program, which emptied it.
Like the Bybit hack, the weak point wasn’t the cryptography. It was the people and systems around the wallets.
Who is behind it?
Elliptic says it’s likely North Korea’s hacking group known as TraderTraitor (part of the wider Lazarus network). Clues include links to money from earlier suspected North Korean hacks and methods similar to the Bybit theft. No government has officially confirmed this yet; the FBI says it’s aware and working with partners.
Is your money safe?
Binance says it will cover all losses using its emergency fund (SAFU) and company money. It says it has set aside more than $6.34 billion, and plans to publish a full Proof of Reserves report showing it holds customers’ funds.
- Withdrawals: were paused to stop the theft. Binance said it hoped to resume them soon while it rebuilds its withdrawal system.
- Frozen funds: about $2.85 billion (44%) of the stolen money has been frozen, mostly stablecoins blocked by Tether and Circle. Elliptic estimates the attackers still control about $3.2 billion.
What Binance users should do
- Don’t panic or rush. Binance says customer balances will be covered.
- Use only official Binance channels for updates. Scammers often pose as support staff after big hacks.
- Never share your password, 2FA codes or recovery phrases with anyone claiming to “help recover funds.”
- Turn on strong security: use an authenticator app or passkey instead of SMS codes.
- Consider self-custody for long-term holdings: a hardware wallet you control keeps funds off exchanges.
Why it matters
North Korea has stolen billions from crypto companies in recent years, reportedly to fund its weapons programs. This hack shows that even the biggest exchanges are targets, and that attackers focus on people and systems, like an engineer’s laptop, rather than breaking encryption. It’s part of a busy month of major security incidents. Read: the week the internet had a security crisis.
Frequently asked questions
How much was stolen from Binance?
About $6.4 billion according to Elliptic, or about $6.3 billion by Binance’s estimate.
Who hacked Binance?
Blockchain investigators believe North Korea’s TraderTraitor/Lazarus hackers are likely responsible, but no government has officially confirmed it.
Will Binance users lose their money?
Binance says it will cover all losses using its SAFU fund and company funds.
Can I withdraw from Binance?
Withdrawals were paused after the hack. Check Binance’s official announcements for the latest status.
Sources
- The largest theft in history: North Korea likely behind the $6.4 billion Binance hack (Elliptic)
- North Korea's Lazarus Group likely behind Binance hack (CoinDesk)
- Binance's $6.3 billion hack: what we know and what comes next (CNBC)
- Binance hack: tracing the $6.4 billion theft to North Korea (Chainalysis)
