Binance hit by $6.3 billion North Korea-linked hack

Binance lost an estimated $6.3 billion across 10 blockchains in a hack that TRM Labs and Chainalysis attribute to North Korea's TraderTraitor group. The exchange suspended deposits and withdrawals, pledged to cover all losses, and about $3 billion has been frozen so far.

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A $6.3 billion theft from Binance is the largest crypto exchange hack on record, well above the $1.5 billion Bybit breach of February 2025. Binance has pledged to cover all losses, and Fundstrat's Sean Farrell sees no meaningful solvency risk, but the suspension of withdrawals makes the speed and orderliness of their resumption the key market signal. About $3 billion is frozen and about $3.3 billion remains unfrozen; the roughly $1.2 billion SAFU fund would cover only about a third of the unfrozen amount if frozen stablecoins are returned. Attribution to TraderTraitor strengthens the case for sanctions, tighter exchange security standards and international coordination. Crypto sentiment is at risk if outflows turn disorderly or Binance has to sell reserves to cover a shortfall.