$6.3 Billion Crypto Hack: Binance Suspends Withdrawals After Massive Cyberattack

Hackers have reportedly stolen cryptocurrency worth $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in what analysts have described as the biggest hack in the history of the crypto industry. The exchange has temporarily suspended withdrawals following the cyberattack.

According to British news agency Reuters, US blockchain analytics firms have blamed North Korean-linked hackers for the attack. The attackers targeted Binance’s digital wallets across 10 different blockchain networks and transferred most of the stolen funds to other accounts within approximately 20 minutes.

The incident has renewed concerns about cybersecurity and the protection of digital assets as cryptocurrency adoption continues to grow worldwide. Major attacks on crypto platforms have raised questions about the safety of investors’ funds and the security measures used by digital currency exchanges.

Binance said the method used in the attack showed similarities to previous cyberattacks linked to North Korea, including the 2025 attack on cryptocurrency exchange Bybit, which the US Federal Bureau of Investigation (FBI) attributed to North Korea.

The company said it had managed to freeze approximately $3 billion worth of stolen assets with the assistance of various partner organisations. However, the exchange did not provide further details about the remaining $3.3 billion.

Binance co-founder Yi He said the company would take full responsibility for all losses resulting from the hacking incident. The exchange also assured users that their deposits had not been affected and said it expected to restore withdrawal services within the next 48 hours.

The company reassured customers that their funds remained safe and said it would release a detailed report on the technical aspects of the attack and the status of the affected assets once the investigation was complete. Users were advised to rely only on Binance’s official channels for updates.

According to the report, Binance has 335 million registered users worldwide. The company’s 2025 annual report stated that it held approximately $162.8 billion in customer assets under custody.

Initial investigations suggest that hackers gained access to the company’s systems by compromising the laptop of a Binance engineer. This reportedly provided them with access to one of the exchange’s systems, allowing them to withdraw funds without authorisation.

Binance said its security team was tracing the full sequence of events that began with the compromised computer. However, investigations are still underway to determine the exact cause of the incident.