Binance, the world's largest cryptocurrency exchange, has reportedly suffered a $6.3 billion cyberattack, in what analysts believe could be the largest cryptocurrency theft in history.
The incident has raised fresh concerns about the security of digital assets and could prompt investors to reconsider the risks associated with holding and trading cryptocurrencies.
Blockchain intelligence firms TRM Labs and Chainalysis have linked the attack to North Korean hackers. According to TRM Labs, the attackers targeted Binance wallets across 10 different blockchains before moving most of the stolen funds within approximately 20 minutes.
Binance confirmed that it was investigating a sophisticated security breach involving multiple vulnerabilities.
The exchange initially suspected that a compromised laptop may have played a role in the incident. However, further investigations revealed additional security breaches, suggesting that the operation was more complex than initially believed.
According to RTE in a statement published on X, Binance said, "This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it."
The company said it had been working with industry partners to identify and freeze the affected assets. Approximately $3 billion has reportedly been located so far, although Binance has not provided a detailed update on the remaining $3.3 billion.
Binance co-founder Yi He said the company would take responsibility for the financial damage, stating that the exchange would cover "all hacking losses".
The platform also sought to reassure customers, saying that deposits had not been affected and that withdrawal services were expected to resume within 48 hours.
TRM Labs said the attack displayed several characteristics associated with previous cyber operations attributed to North Korea. These included similarities with the 2025 attack on cryptocurrency exchange Bybit, which the US Federal Bureau of Investigation (FBI) officially linked to North Korean hackers.
"We make this judgment with high confidence," TRM Labs said.
North Korea's diplomatic mission in Geneva and its embassy in China had not immediately responded to requests for comment from Reuters.
If confirmed, the $6.3 billion incident would represent an unprecedented setback for the cryptocurrency industry, surpassing previous major exchange hacks and highlighting the growing sophistication of cybercriminal operations targeting digital financial platforms.
Aravind Srinivasan, head of the systematic over-the-counter business at cryptocurrency market maker GSR, described the incident as historic.
"It's the biggest hack in history," he said.
The attack is likely to intensify scrutiny of cryptocurrency exchange security, particularly as increasingly sophisticated hacking groups target major platforms and exploit vulnerabilities across multiple blockchain networks.
