Hackers stole US$6.3 billion from Binance, the world's largest cryptocurrency exchange, making it the biggest crypto hack ever, potentially prompting investors to reconsider the risks of holding digital assets. The attackers, linked to the Democratic People's Republic of Korea (DPRK) according to US blockchain analysis firms TRM Labs and Chainalysis, targeted over 20 minutes the Binance wallets on 10 blockchains. Binance froze about US$3 billion of the stolen assets, with its co-founder Yi He stating the exchange would cover all hacking losses. The withdrawal services are expected to resume in the next 48 hours, and the deposit funds are unaffected.
The incident was deemed highly associated with earlier hacks linked to the DPRK, including the 2025 Bybit heist. Analysts, including Aravind Srinivasan of GSR, estimate the theft to be the biggest in history. Markets immediately reacted with Bitcoin and ether both falling to their respective lows. The potential asset loss and the security breach could further erode confidence in centralized exchanges, prompting investors to reassess risks. As interest rates rise and exchange-traded fund demand softens, the crypto industry faces additional pressure. Stablecoin issuers Tether and Circle froze significant portions of assets linked to the breach, while Ripple also took measures to safeguard its holdings. The security incident follows a string of other thefts, underscoring the industry's ongoing vulnerability.