BUSINESS
Crypto Shock: Binance Confirms $6.3bn Hack, Freezes $3bn
Cryptocurrency exchange giant Binance has confirmed a major security breach estimated to have affected assets worth approximately $6.3bn, in what could become the largest cryptocurrency hack on record.
The company disclosed the incident in a security update on Friday, October 30, saying it had worked with blockchain partners to freeze approximately $3bn of the affected assets.
According to Binance, preliminary investigations suggest that the attack may have originated from a compromised laptop belonging to a DevOps engineer, which allegedly enabled an attacker to gain access to a service container and execute unauthorised withdrawal transactions.
The exchange, however, said it had found no evidence of any compromise involving wallet private keys.
Reassuring customers over the incident, Binance maintained that users’ funds were safe and pledged to cover all losses through its Secure Asset Fund for Users (SAFU) and other company funds.
As part of its immediate response, the exchange temporarily suspended deposits and withdrawals while conducting security checks, revoked authorisation for affected addresses and engaged law enforcement agencies and blockchain intelligence partners to trace and recover the assets.
Binance said the estimated financial impact could change as investigations continue and efforts are intensified to identify the attackers and recover the affected funds.
The company also promised to release a detailed technical report after completing its investigation and publish an updated Proof of Reserves following the remediation process.
The incident has raised fresh concerns about the security of digital assets and the vulnerability of cryptocurrency exchanges to sophisticated cyberattacks.
If confirmed as a $6.3bn theft, the breach would surpass the $1.5bn cryptocurrency heist involving Bybit in February 2025, making it the biggest crypto theft recorded.
Binance is the world’s largest cryptocurrency exchange by trading volume.
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