Binance halts withdrawals after breach touching about $6.3 billion in crypto
Roughly half the affected assets are frozen, and the exchange says it will cover losses from its own funds.
Binance, the world's largest crypto exchange, disclosed a security incident that it says has touched about $6.3 billion in digital assets, a figure that would make it the biggest crypto theft on record. Roughly half of the affected assets have been frozen, mostly by stablecoin issuers Tether and Circle, but much of the balance is still believed to sit with the attacker. Binance's early review points to a possible compromise of an engineer's laptop that let an intruder reach a service and push unauthorised withdrawals, though the company has not confirmed this. Withdrawals and deposits are paused while checks run, and Binance says it will cover losses from its SAFU fund and its own reserves. Two analytics firms link the attack to North Korea's TraderTraitor group, a link Binance has not confirmed.
Why it matters
For users holding assets on Binance, the immediate change is that withdrawals and deposits are paused while checks run, so access to funds is limited until the review finishes. The scale of the reported loss, if it holds, would make this one of the largest crypto thefts on record and puts a spotlight on how exchanges protect internal systems and staff devices. Binance has said it will absorb the losses through its SAFU fund and its own reserves, which shifts the cost away from customers, though the company has not confirmed how the attacker gained access.
Series Binance crypto theft breach
- Binance resumes withdrawals after $6.3 billion breach, says 95% of stolen assets are covered
- FBI Links North Korea-Aligned TraderTraitor to $6.43 Billion Binance Crypto Theft
- Binance halts withdrawals after breach touching about $6.3 billion in crypto
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