Binance, one of the world’s largest cryptocurrency trading platforms, has suffered a security breach where digital assets worth $6.3 billion (€5.6 billion) were lost. In response to the attack, the company temporarily suspended all user deposits and withdrawals.
Despite the scale of the attack, the exchange has assured its customers via X that their investments were safe and pledged to compensate them for any losses resulting from the security breach. By working with blockchain specialists, the company has already managed to freeze around $3 billion (€2.6 billion) of the stolen funds.
Experts at TRM Labs, a company specialising in tracing suspicious transactions on the blockchain, have linked the heist to a North Korean entity known as TraderTraitor. The theft is now considered the largest exchange hack in history, with most of the funds transferred in less than 20 minutes.
To avoid detection and prevent the assets from being frozen, the perpetrators used a complex series of transactions. Around $2.4 billion (€2.1 billion) in stolen assets currently remains in the attackers’ hands and is inaccessible to the relevant authorities.
Binance has stated that its technical teams are working around the clock to resolve the situation. The organisation is also working with law enforcement agencies to track down the perpetrators and hold them accountable.
This incident surpasses the previous record for the largest theft from an exchange, which took place in early 2025 when North Korean hackers stole around $1.5 billion (€1.3 billion) from Bybit.
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