Binance, one of the world's largest cryptocurrency exchanges, has suffered a massive cyber attack resulting in an estimated $6.3 billion loss, marking the largest crypto theft on record. The company has assured users that all losses will be covered using funds from its Secure Asset Fund for Users (SAFU) and that user funds remain safe. Binance has temporarily suspended withdrawals for a security revamp, though deposits continue to operate normally.
The attack may have originated from a compromised DevOps engineer's laptop, allowing unauthorized withdrawal transactions. Binance has worked with blockchain partners to freeze affected assets, with approximately $3 billion frozen on-chain so far. Cryptocurrency platforms Tether and Circle have also frozen $1.5 billion and $800 million in funds linked to the attack, respectively.
Security research firm TRM Labs has attributed the attack to TraderTraitor, North Korea's elite hacking unit, with high confidence. The hack has sent shockwaves through the crypto community, raising concerns about the safety of assets held on centralized exchanges and prompting investors to reassess risks.
Binance founder Changpeng Zhao previously pleaded guilty in 2023 to a felony related to money laundering but was pardoned by Donald Trump in 2025. The company maintains a business relationship with the Trump family's crypto business, World Liberty Financial.