Binance hack: crypto exchange loses up to $6.3bn

Binance, one of the world's largest cryptocurrency exchanges, has reported a serious hack. According to media reports of 30 October 2026, losses are estimated at between about $5.9bn and as much as $6.3bn. Analysts quoted by Reuters believe it may be the biggest crypto theft in history.

What is known about the attack

Media accounts say theft of at least $5.912bn has been confirmed. The scale of the losses is therefore given as a range, with $6.3bn the highest estimate.

Analytics firms TRM Labs and Chainalysis say the attackers came from North Korea. According to TRM Labs, the criminals targeted wallets across 10 blockchain networks and moved most of the funds in about 20 minutes. Analysts note that several features of the attack resemble earlier North Korean operations, including the 2025 attack on the Bybit exchange, which the US FBI attributed to Pyongyang. For now these are analysts' findings, not an official conclusion by investigators.

Binance's statement says the attack may have begun with the takeover of an IT employee's laptop, which allowed the attackers to order unauthorised withdrawals. The exchange said it had found no evidence that a private wallet key had leaked. It also promised to publish a detailed technical analysis once the investigation is complete.

Frozen funds and the exchange's response

Binance said it is working with partners to freeze the stolen assets. So far about $3bn has been located and frozen. Eric Jardine of Chainalysis told Reuters that blockchain transparency and coordination across the industry make it harder to move stolen funds.

The exchange says it will cover all losses and that users' funds are safe. Once remedial work is finished, it plans to publish updated proof of reserves. Until the security review is complete, it has paused deposits and withdrawals. It is also working with law enforcement to identify the perpetrators.

Market reaction

Cryptocurrency prices fell after news of the attack emerged. Bitcoin dropped 3% to $76,469.82, its lowest in six weeks. Ether lost more than 3%.

What this means for you

People who hold cryptocurrency on Binance should follow the exchange's announcements: deposits and withdrawals are currently paused, and the company says it will cover the losses. The reports concern the impact on the exchange and the market, and the sources do not say how the attack will affect customers in the UK. This is not investment advice.