
Reuters/ – Hackers have stolen about $6.3 billion in cryptocurrency from Binance, the world’s largest cryptocurrency exchange. It is considered one of the largest cyberattacks in cryptocurrency history, and analysts suspect North Korea is behind it.
News of the attack caused cryptocurrency prices to plummet, while Binance temporarily suspended withdrawals and stated that it would cover all user losses.
According to the company, about $3 billion of the stolen amount has been identified so far.
Most of them have been blocked by companies that issue stablecoins, including Tether, Circle and World Liberty Financial, a company backed by the Trump family.
Binance said it is working with law enforcement and its partners to track down and recover the stolen funds. The company expects withdrawal services to resume within 45 hours.
"This was a complex attack and we are doing everything we can, in cooperation with law enforcement authorities, to resolve this matter," Binance stated in a response on the X platform.
The company's co-CEO, Teng, assured users that their funds are safe and that losses will be covered by the company and its reserve funds.
How was the attack carried out?
According to preliminary investigations, the attack may have originated from a hacked computer belonging to one of Binance's engineers. Through it, the perpetrators allegedly managed to access one of the company's systems and make unauthorized withdrawals.
Binance said its security team is tracing the entire attack path to determine how the hackers managed to penetrate the system. The company later announced that it had discovered additional compromised points.
According to American blockchain data analysis companies TRM Labs and Chainalysis, most of the theft was carried out within about 20 minutes, in the late hours of Thursday.
Both companies say they are highly confident that North Korea is behind the attack. According to TRM Labs, the perpetrators used a method similar to that of the 2025 attack on cryptocurrency platform Bybit, for which the US FBI blamed North Korea.
"The attack is attributed to North Korea's elite hacking unit," the TRM Labs analysis said.
US and South Korean authorities have said for years that North Korea uses state-linked cyber groups for espionage and financial theft. Pyongyang has consistently denied these accusations.
Cryptocurrency decline after the news
The attack had an immediate impact on cryptocurrency markets, where prices plummeted.
Bitcoin fell to a six-week low of $76,368, while Ethereum lost more than 3%, falling to $2,178, its lowest level in two months.
BNB, the digital currency tied to the Binance platform, also fell by 5% within 24 hours, trading at $709.70.
The fallout was also felt in the stock market. Shares of US exchange Coinbase, which said it was not affected by the attack, fell 4.8%. Shares of Strategy, a company known for its Bitcoin investments, fell almost 6% in after-hours trading.
Analysts warn that the attack could further damage investor confidence in centralized cryptocurrency exchange platforms and the security of digital assets.
Over 3 billion dollars blocked
After the attack, some of the sector's largest companies intervened to block the stolen funds.
Tether announced that it had frozen nearly $1.57 billion in assets related to the incident, while Circle blocked more than $800 million.
World Liberty Financial, in collaboration with digital asset custodian BitGo, also helped freeze funds. Binance co-founder Yi He said $27 million in stablecoins and about $2 million in World Liberty tokens were also frozen.
Cryptocurrency company Ripple blocked about another $200 million, according to Yi He.
Binance, which allows users to buy, sell and exchange digital assets, has about 335 million registered users worldwide. According to its 2025 annual report, the company managed about $162.8 billion in client assets.
However, the stolen amount of $6.3 billion is much higher than the $1 billion reserve fund that Binance has established to protect users in the event of attacks or security breaches.
The latest attack adds to a series of thefts that have hit the cryptocurrency industry. According to TRM Labs, about $2.9 billion in cryptocurrency was stolen last year in nearly 150 separate attacks.
Experts warn that the long-term impact of the incident will depend on the amount that cannot be recovered, the damages to other parties, and whether the event causes a broader loss of confidence in the digital asset market.