Binance hackers stole $6.3 billion in record-breaking crypto heist

What happened

Binance said hackers took $6.3 billion worth of crypto funds. The company says user funds are safe and that about $3 billion of the stolen assets has been frozen so far. Binance has promised to cover all losses from the hack. Deposits and withdrawals have been paused while the company investigates.

Key numbers

• $6.3 billion stolen, the largest known crypto heist in history
• About $3 billion of the stolen assets frozen so far
• Binance reserved over $6.34 billion of company funds to cover the loss, and $5 billion of that is in the same tokens that were stolen
• Its emergency reserve fund is about $1.3 billion
• Most of the theft happened in about 20 minutes, according to TRM

How the attack worked

Binance says the attack started with a compromised laptop that belonged to a DevOps engineer, a worker who manages the software systems that run a service. The hacker used this access to reach a service container and send unauthorized withdrawals. Binance says it was not one simple click. It was a more complex attack with several points of breach. Blockchain analysis firms TRM and Chainalysis link the attack to TraderTraitor, a North Korean hacking group known for stealing from crypto exchanges.

Why it matters

This hack is far bigger than any before it, and it shows how exposed crypto exchanges can be to skilled attackers who move very fast. Binance was also hacked in 2019, when about $40 million was stolen. Experts also worry that AI tools could be used to attack the industry in the future.

What to watch

• How much of the $6.3 billion Binance can freeze or recover
• Whether Binance pays back all losses as it has promised
• Any named suspects or action by law enforcement
• Whether other crypto companies strengthen security after a wave of recent heists