The cryptocurrency exchange Binance has reported a large-scale incident: digital assets worth around $6,3 billion were put at risk. According to industry analysts' estimates, this could become the largest hack in the history of the crypto market.
The company has suspended all deposits and withdrawals of funds. Around $3 billion has already been frozen with the support of blockchain partners and other platforms. Binance assured users that their funds are safe and promised to cover all losses from the SAFU fund and corporate reserves.
A preliminary investigation points to a possible compromise of a DevOps engineer's laptop. The attacker allegedly gained access to a service container and initiated unauthorized withdrawals. No evidence of private wallet key leakage has been found so far.
Two analytics firms — TRM Labs and Chainalysis — link the attack with high confidence to the North Korean hacker group TraderTraitor. According to their data, the same group was previously involved in the $1,5 billion Bybit hack in 2025.
The market reacted with a decline: bitcoin fell to a six-month low, and shares of Coinbase and other crypto companies dropped. Tether and Circle also froze significant sums connected to the incident.
How much more will be recovered, and whether anything will be recovered at all, remains unclear. But it is already clear that the consequences for the industry will be significant.
