--- title: "Record-Breaking Hack Hits Binance with $6.3 Billion Theft" url: https://noti.group/record-breaking-hack-hits-binance-with-6-3-billion-theft/ language: en publisher: "Noti Group" section: "Business" published: 2026-11-01T18:53:25.000Z updated: 2026-11-01T23:26:14.327Z id: 8ce2d180-93af-4767-a1bf-9637ae14ebef source: "The Guardian Business https://www.theguardian.com/business/2026/nov/01/investors-take-out-36bn-from-binance-after-record-hack-that-stole-billions" attribution: "Link to https://noti.group/record-breaking-hack-hits-binance-with-6-3-billion-theft/ and name Noti Group when you quote or summarize this story." --- # Record-Breaking Hack Hits Binance with $6.3 Billion Theft A massive cyber attack on cryptocurrency exchange Binance has resulted in an unprecedented theft of $6.3 billion from customer accounts, with a net outflow of about $3.6 billion recorded by the company. Binance, a leading cryptocurrency exchange, has faced a massive financial hit after a record-breaking hack earlier this week. The platform's systems were breached on Thursday, resulting in an unprecedented theft of $6.3 billion from customer accounts. The heist is believed to be linked to North Korea, according to experts who have analyzed the situation. This cyber attack has sent shockwaves through the cryptocurrency world, with investors and users scrambling to understand the full extent of the breach. As a precautionary measure, Binance initially suspended withdrawals while it investigated the hack. However, on Sunday, the platform announced that it had begun to gradually reopen its withdrawal services. By Sunday afternoon, the exchange had processed $4.6 billion in withdrawals and $1 billion in deposits. A net outflow of about $3.6 billion has been recorded by Binance, representing 2.1% of its total assets under management, which stands at $171 billion. The company confirmed this information through a proof of reserves snapshot released on Sunday. Binance has continued to restore access to user funds, following its initial efforts to address the recent hack. On Sunday, the platform resumed trading in certain cryptocurrencies, including Dogecoin and Avalanche. This move builds on the previous day's decision to reinstate withdrawals for 15 networks and assets, such as ethereum and USDT tokens. Binance has also provided an update on the status of stolen funds, stating that it had replenished 90% of the amount taken. However, a smaller portion of the stolen tokens is considered less liquid, which may lead to delays in their recovery. The company's commitment to covering the remaining 10% of the stolen funds has been reaffirmed by Richard Teng, Binance's co-chief executive. He emphasized that users would not bear any financial burden as a result of the hack. Investigations into the hack have led to revelations about its likely perpetrator: a North Korea-affiliated group called TraderTraitor. This entity is believed to be part of the Lazarus Group, which gained notoriety in 2014 for hacking into Sony Pictures following the release of The Interview. The Federal Bureau of Investigation has revealed new details about the massive hack that targeted cryptocurrency exchange Binance in October. According to the FBI, North Korea was responsible for stealing more than $6bn in virtual assets from Binance on or around October 29. The agency observed "TraderTraitor actors" converting the stolen assets into ethereum and expected them to be laundered further through decentralised finance and instant swap services. The FBI is urging private sector entities to block transactions with or derived from addresses linked to these actors, who are allegedly using them to launder the stolen assets. Binance has confirmed that a compromised laptop and malicious software played a key role in the breach, making it harder for investigators to trace and investigate the attack. The company's security team has been working tirelessly to contain the damage and prevent further losses. To mitigate the impact of the hack, Binance is using part of its $1bn secure asset fund for users, as well as its bitcoin reserve and futures insurance fund, to rebuy tokens and cover the losses. This move is expected to have a significant financial burden on the company. The massive hack on Binance is raising concerns about the vulnerability of cryptography and IT security protocols in the face of rapidly advancing artificial intelligence models. This has sparked worries among observers that sophisticated hacking techniques could be used to compromise even the most secure systems. Bitcoin's value plummeted by nearly 5% following the news, while ethereum dropped by almost 6% and BNB, native to Binance, saw a staggering near-10% decline in value. The sheer scale of the hack has highlighted North Korea's ability to exploit illicit means to generate revenue despite facing extensive international sanctions over its nuclear and missile programs. --- Source: [The Guardian Business](https://www.theguardian.com/business/2026/nov/01/investors-take-out-36bn-from-binance-after-record-hack-that-stole-billions) Published by Noti Group: https://noti.group/record-breaking-hack-hits-binance-with-6-3-billion-theft/