Binance, the largest cryptocurrency trading platform in the world, announced that digital assets worth a total of 6.3 billion dollars were affected by a cyberattack, described as the «biggest hack in history».
The management of the largest cryptocurrency exchange globally disclosed that approximately 50% of the assets has already been frozen, with the assistance of other industry platforms, while pledging to cover all losses.
According to initial estimates, the attack may be linked to a compromised laptop belonging to a company engineer, enabling the perpetrator to execute unauthorized withdrawals.
However, the problem appears to be taking on increasingly larger dimensions, as Binance (following the initial disclosure) announced that its investigation uncovered additional points of compromise, expanding the initial findings.
The cryptocurrency exchange characterized the incident as a «complex attack» and stated that it is cooperating with law enforcement authorities while continuing to gather evidence.
Binance added that unauthorized outflows ceased once withdrawals were suspended, while approximately 3 billion dollars in affected assets have been frozen following coordination with partners.
«We remain on schedule to resume withdrawal services in 45 hours. Deposits remain unaffected», stated Binance, adding that it «will continue to provide updates via its official channels as more confirmed information becomes available».
North Korean hackers under the microscope: The Bybit record surpassed
Two specialized data analytics firms in the cryptocurrency space attribute the attack to the hacker group TraderTraitor, which is allegedly linked to North Korea.
The incident far surpasses the previous negative record set in 2025, when the Bybit platform suffered a cyberattack with loot of approximately 1.5 billion dollars.
TRM Labs, a firm utilizing artificial intelligence technologies to investigate incidents in the digital asset space, points out in a report that several characteristics of the attack on Binance resemble previous cyberattacks linked to North Korea, including the one on Bybit.
Ari Redbord, global head of policy at TRM Labs, described the incident at Binance as a «turning point» for the industry, stressing that it represents an attack without precedent in terms of scale and impact.
As he pointed out, the perpetrator still holds a massive volume of stolen assets, meaning that efforts to track and recover the funds remain in full swing.
Chainalysis, another major blockchain data analytics firm, reaches the same conclusion, stating that strong indications point to a connection between the North Korean group and the attack.
For his part, Eric Jardine, research lead at Chainalysis, called on all cryptocurrency exchanges to remain on heightened alert, as the immense value of assets under management makes them exceptionally attractive targets for cybercriminals.
Binance: Cooperation with authorities to identify the perpetrators
Binance did not directly answer questions from the BBC regarding a possible connection between the attack and North Korea.
However, in a statement it noted:
«We are working closely with relevant law enforcement agencies to confirm the identity of the criminals and bring them to justice».
It is worth noting that the incident concerns exclusively Binance.com. Binance.US, the distinctly smaller platform providing trading services specifically for residents of the US, clarified that it has not been affected by the event.
Yi He, co-founder and co-CEO of Binance, thanked cryptocurrency issuers via a series of posts for helping freeze the assets.
At the same time, she announced that withdrawals have been temporarily disabled until the security of the trading environment is fully ensured.
«Safety first: withdrawals are currently paused until we confirm the environment is secure», she stated characteristically.
Tether and Circle froze 2.4 billion dollars in assets
The mobilization of other major market players was significant, with Tether and Circle announcing that they have frozen a combined total of approximately 2.4 billion dollars in assets as part of responding to the potential cyberattack on Binance.
Specifically, Jeremy Allaire, CEO of Circle, stated that the company is closely monitoring reports of a potential exploit related to Binance, adding that more than 800 million dollars in assets linked to the incident have already been frozen.
Circle is the issuer and co-creator of USDC, one of the world's largest cryptocurrencies pegged to the US dollar.
For his part, Paolo Ardoino, CEO of Tether, announced that his company has frozen approximately 1.6 billion dollars related to the potential cyberattack on the Binance exchange.
«Protecting the industry and our partners is our top priority», stated Paolo Ardoino.
Tether is the company that issues USDT, one of the market's largest stablecoins.
Also joining the mobilization was World Liberty Financial, a crypto venture linked to US President Donald Trump and his family, which announced that it cooperated with its partners to freeze the stolen funds.
Meanwhile, Coinbase clarified that it has not been affected by the incident and is monitoring developments closely.
Security concerns had been voiced prior to official announcement
Of particular significance is the fact that several cryptocurrency market observers had voiced concerns regarding a potential cyberattack on Binance several hours before the exchange officially confirmed the security issue.
Binance was founded in China in 2017 and currently constitutes the largest global digital asset trading hub, with more than 300 million registered users worldwide, according to available estimates.
However, its operations have repeatedly come under regulatory scrutiny from supervisory authorities in various countries.
The company itself announced in 2024 that it managed assets under custody with a total value exceeding 160 billion dollars.
This scale underscores the systemic importance of Binance for the digital asset market, as well as the risks that an incident of such magnitude can trigger.
Heavy pressure on Bitcoin, Ethereum, and Solana
The developments triggered immediate turbulence across the cryptocurrency market.
Bitcoin dropped more than 4% following warnings and related announcements concerning the cyberattack.
Heavy losses were also recorded by other major cryptocurrencies, including Ethereum and Solana.
The incident forcefully brings the issue of cybersecurity at major cryptocurrency exchanges back to the forefront, as the concentration of immense capital on digital platforms creates significant risks for investors and businesses.
The critical question now is whether recovering the full amount of stolen funds will prove possible, and to what extent this specific attack will lead to stricter security measures across the entire sector.
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