Binance, the world’s largest cryptocurrency exchange, has been hit by what appears to be the largest theft of crypto in history.
Security research firm TRM Labs said that the attack took place on October 29. They say that around $6.3 billion worth of crypto was stolen on 10 blockchains.
North Korea Is Reportedly Behind The Crypto Theft
TRM Labs says that a group known as “TraderTraitor”, which is believed to be “North Korea’s elite hacking unit”, is responsible for the cyberattack. They added that the theft took place over 20 minutes.
The attack didn’t appear to target individual user wallets. Rather, it was Binance that was hit directly.
“To be clear: the attacker did not simply use one engineer’s permissions, and this was not a single “one-click” action,” Binance co-CEO Richard Teng said. “It involved a more complex attack process.”
In a follow-up on social media, Teng said that any losses that may have occurred will be covered by the company thanks to its Secure Asset Fund for Users (SAFU), which was created for extreme situations like this.
“We are committed to covering all hacked losses through our company funds. Your assets are safe,” he said in the video.
Binance says that of the $6.3 billion, roughly $3 billion of it had been frozen. The company also temporarily stopped deposits and withdrawals.
At over $6 billion, this attack is the largest crypto theft in history. The same group was responsible for the Bybit attack in 2025 that stole $1.5 billion.
“Our team hasn’t stopped,” Teng said. “We’re working closely with law enforcement to ensure the matter is handled appropriately.”
Were you impacted at all by the Binance crypto hack? What does it do to your trust in the currency? Let us know down in the comments and in the official Insider Gaming Discord.
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Mike has been covering the gaming industry since 2012, and has reported on some of the largest events in the industry while also working as an investigative reporter. Outside of…
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