Binance, the world’s largest cryptocurrency exchange, said about $6.3 billion was stolen in a security incident. Analysts described it as the biggest crypto hack on record. Bitcoin fell to a six week low after the news, and Binance said it will cover all hacking losses.
What happened
Reuters reported that hackers targeted Binance wallets on 10 blockchains and moved most of the funds in about 20 minutes, according to blockchain intelligence firm TRM Labs. Binance said its initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers. That access, Binance said, let an attacker make unauthorized withdrawals.
Binance said it worked with partners to freeze about $3 billion of the affected assets so far. Tether froze nearly $1.57 billion linked to the incident, and Circle froze more than $800 million, according to Reuters. Binance temporarily suspended deposits and withdrawals. Its co-founder Yi He said the exchange expects to resume withdrawal services within 48 hours. Binance also said its deposits were unaffected and that user funds remain safe.
Al Jazeera reported that Binance said it would share a detailed technical post-mortem once the investigation is complete. TRM Labs said, with high confidence, that the attack was carried out by North Korea’s hacking unit TraderTraitor, which investigators have linked to the Lazarus Group. North Korea’s mission in Geneva and its embassy in China did not immediately respond to Reuters requests for comment, so that attribution is the firm’s assessment, not a confirmed finding by the exchange or a government in the reports checked.
The previous record was the $1.5 billion Bybit hack in February 2025, which the US Federal Bureau of Investigation had attributed to North Korea. The Binance amount is more than four times that size.
Why it matters for beginners
A centralised exchange is a company platform where people buy, sell, and store crypto. When you keep crypto on such a platform, you are trusting that platform’s security and systems. A breach at a very large exchange can therefore shake confidence across the whole crypto market, even for people who do not use that exchange.
That confidence effect showed up in prices. Bitcoin dropped more than 3 percent to a six week low of $76,368. Ether fell more than 3 percent to a two month low of $2,178. BNB, the token linked to Binance, was down 5 percent over 24 hours at $709.70, according to market aggregator CoinGecko cited by Reuters. Shares in crypto exchange Coinbase fell 4.8 percent, while shares in bitcoin buyer Strategy fell nearly 6 percent in extended trading.
Reuters also noted that crypto was already under pressure before this incident, from higher US interest rates and softer demand from exchange traded fund buyers. A large security incident can add to that pressure by making investors reassess counterparty risk, which is the risk tied to trusting another party to hold or return your assets.
Binance.US, a separate exchange, said it was not affected by the incident. Coinbase said it was unaffected and was monitoring the situation.
What to watch next
First, watch whether Binance resumes withdrawals within the 48 hour window it gave, and whether it gives a fuller account of how the attack happened. Second, watch how much more of the stolen funds can be frozen or recovered. About $3 billion was frozen so far, leaving about $3.3 billion not mentioned as frozen in the Reuters report checked.
Third, watch the investigation into who carried out the attack, and whether other firms or authorities confirm the TRM Labs attribution. Fourth, watch crypto prices and trading volumes over the next few days for signs of whether confidence is settling or falling further. Prices in this post are the figures reported on October 30, 2026, and they can move quickly.
FAQ
Was customer money lost?
Binance said user funds are safe and that it will cover all hacking losses from its secure asset fund and company funds. The investigation is still open, so follow official Binance updates for the latest status.
Is this really the biggest crypto hack ever?
Analysts and analytics firms described it that way in the reports checked. At about $6.3 billion, it is larger than the $1.5 billion Bybit hack in February 2025 and larger than the $2.9 billion stolen across nearly 150 crypto attacks in 2025, according to TRM Labs research cited by Reuters.
Why did Bitcoin fall if Binance said it will cover the losses?
A promise to cover losses does not remove uncertainty at once. Investors still need to see withdrawals resume, funds recovered, and a clear explanation of the breach. Until then, some investors sell first and wait for more facts.
What is a centralised exchange?
It is a company run platform for trading crypto, different from a decentralised system where trades happen directly between users without a central company in the middle. A centralised exchange holds large amounts of customer assets, which makes its security especially important.
Does this affect other crypto exchanges?
Binance.US said it was not affected, and Coinbase said it was unaffected. Still, a major incident at the largest exchange can affect market sentiment across crypto, so other exchanges and tokens can move on the same news.