Hacker 'tested for 36 hours, withdrew $6.3 billion from Binance wallets in 20 minutes'

What happened

A hacker group broke into the system Binance uses to approve transactions. This let them order withdrawals from many wallets. Most of the money left in about 20 minutes, starting at 8:05 p.m. on October 29 (UTC time). Binance confirmed the attack affected about 6.3 billion USD. Binance says user funds are safe and it will cover all losses.

Key numbers and facts

• About 6.3 billion USD was affected.
• The main theft took about 20 minutes.
• The hackers moved 233.46 million XRP from 5 Binance wallets in four minutes.
• They moved 18,270 Bitcoin from a Binance hot wallet by 8:20 p.m.
• The hackers prepared the attack for at least 36 hours, with small test transfers first.

Background

A hot wallet is a crypto wallet connected to the internet, so it is easier to attack. Binance's SAFU fund was set up in 2018 to protect users in emergencies. It now holds Bitcoin worth about 1 billion USD. Three hacks in crypto history have been worth over 1 billion USD. This attack may become the largest ever at a crypto exchange.

Why it matters

This is one of the biggest crypto thefts ever. It shows that even the largest exchanges can be attacked through their internal systems. Some experts say the attack looks like past attacks linked to North Korean hackers, but Binance has not named the culprit, and North Korea often denies such claims.

What to watch

• Whether Binance finds the full cause of the breach.
• Whether Binance repays all losses through its SAFU fund and company funds.
• Who is behind the attack, and whether investigators name a group.
• How the stolen money moves and whether it can be traced or recovered.