--- title: "Massive cyber attack strikes Binance resulting in $6.3 billion theft of digital assets" url: https://noti.group/massive-cyber-attack-strikes-binance-resulting-in-6-3-billion-theft/ language: en publisher: "Noti Group" section: "Business" published: 2026-10-30T16:35:44.000Z updated: 2026-10-31T02:28:11.811Z id: 8b21c787-1d17-40c6-9730-add1cdeb7e9d source: "The Guardian Business https://www.theguardian.com/business/2026/oct/29/binance-crypto-exchange-hack" attribution: "Link to https://noti.group/massive-cyber-attack-strikes-binance-resulting-in-6-3-billion-theft/ and name Noti Group when you quote or summarize this story." --- # Massive cyber attack strikes Binance resulting in $6.3 billion theft of digital assets Binance confirms it will cover customer losses after hackers stole around $3 billion in affected assets. A massive cyber attack has struck Binance, the world's largest cryptocurrency exchange, resulting in an unprecedented theft of $6.3 billion worth of digital assets. Binance has confirmed that it will cover all losses incurred by its customers as a result of the hack, which saw around $3 billion in affected assets frozen by the company. The scale of the heist is staggering, with experts describing it as the largest of its kind in history. Analysts have noted that the exchange was subjected to an attack featuring "never-seen-before laundering patterns, allowing the hackers to make off with billions of dollars' worth of digital assets. Researchers at Elliptic, a leading crypto consultancy, have put the theft into perspective by comparing it to other major heists, including a $1.5 billion crypto raid last year and the infamous $1 billion taken from Iraq's central bank by Saddam Hussein in 2003. According to Tom Robinson, chief scientist at Elliptic, this latest attack is almost certainly the largest theft of any kind in history. The FBI has previously linked North Korean state-backed hackers to a similar crypto heist last year, which saw around $1.5 billion in virtual assets stolen from a Dubai-based exchange. TRM, a cryptocurrency analysis firm, has attributed the massive hack with high confidence to North Korea's elite hacking unit, TraderTraitor. The attack on Binance is believed to have started with a compromised laptop belonging to one of its engineers, allowing an attacker to gain access to the exchange's systems and initiate unauthorized withdrawals. Further investigation revealed additional vulnerabilities in the system that were exploited by the attackers. The sophistication of the breach suggests a coordinated effort. Binance has 335 million registered users worldwide and managed approximately $162.8 billion in assets as of its last annual report. This significant volume of assets makes the heist one of the largest in history, with estimated losses exceeding $6.3 billion. The company's co-chief executive, Richard Teng, has assured users that their funds are secure and that Binance will cover all losses. To address concerns, Binance has temporarily suspended deposits and withdrawals while its security teams conduct thorough checks and implement additional safety measures. Binance was founded by Changpeng Zhao, a Chinese-born entrepreneur who now holds Canadian and United Arab Emirates citizenship. In 2024, Zhao pleaded guilty to money laundering charges and served four months in jail before being pardoned by Donald Trump in 2025. The cryptocurrency market suffered a significant downturn on Friday morning as news of the massive hack broke out, with bitcoin plummeting 5% to its lowest level in six weeks at $77,380. Zhao's assurance that user funds were safe did little to alleviate concerns, and his acknowledgment that the incident does look like a hack" only added to the sense of unease. As a former manager of Binance, Zhao claimed he had no direct involvement with the exchange anymore, but as a shareholder, he expected all user funds to be fully covered. Binance responded promptly to the crisis, announcing on X that it was working tirelessly to trace, freeze, and recover additional funds. The company's statement ended with a message of gratitude for the support it received from users during this challenging time. The security breach is likely to have far-reaching consequences for the cryptocurrency market, which has already been under pressure due to higher US interest rates and softer demand from exchange-traded fund buyers. Analysts warn that the hack may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges. North Korea's involvement in crypto hacking is well-documented, with the regime having stolen over $6.5 billion in recent years, including more than $1 billion so far in 2026, according to Elliptic. The country's preference for crypto stems from its ability to be stolen en masse and laundered, making it an attractive target for a state hampered by sanctions and desperate for cash. Law enforcement agencies worldwide, including the FBI and US Secret Service, are working closely with Binance to investigate the massive crypto hack. Tether, a leading issuer of stablecoins, has taken swift action by freezing nearly $1.57 billion in assets linked to the incident, while Circle has also frozen over $800 million. The largest losses were incurred on the Ethereum cryptocurrency, with a staggering $3.8 billion worth affected, according to Elliptic's analysis. World Liberty Financial, a crypto company associated with Trump and his family, reported that it had collaborated with BitGo, a prominent cryptocurrency custodian, to freeze funds stolen in what was described as a Binance hack. This move suggests that some entities are taking proactive steps to contain the damage caused by the cyberattack. The scale of this incident is alarming, coming on the heels of a string of crypto thefts last year, which saw attackers making off with $2.9 billion worth of cryptocurrency across nearly 150 attacks, according to TRM's data. More recently, in September, Bitget suffered a significant loss when roughly $350 million in crypto was stolen from its platform. Binance.US, a separate cryptocurrency exchange, has confirmed that it is not affected by the security incident. Meanwhile, UK financial watchdogs are keeping a close eye on the situation, monitoring potential fallout and assessing any impact on banks, insurers, or fintechs exposed to Binance, with a view to protecting the wider UK financial system. The UK's financial regulatory bodies are keeping a close eye on the situation as they assess potential fallout from the massive crypto hack. Binance has not been registered to provide cryptocurrency services in the UK, but the Financial Conduct Authority (FCA) is engaging with the exchange to understand its impact and implications for British investors. The FCA spokesperson acknowledged awareness of the reported incident and expressed a willingness to collaborate on mitigating any potential consequences. It remains unclear what specific measures will be taken. Coinbase, another prominent cryptocurrency exchange, has confirmed it was unaffected by the hack and is monitoring the situation closely. Meanwhile, other financial institutions are reportedly keeping tabs on developments in case they need to take action to protect their interests or those of their clients. --- Source: [The Guardian Business](https://www.theguardian.com/business/2026/oct/29/binance-crypto-exchange-hack) Published by Noti Group: https://noti.group/massive-cyber-attack-strikes-binance-resulting-in-6-3-billion-theft/