The cryptocurrency world is rattled on Friday after hackers stole $6.3 billion from Binance.
The world’s biggest cryptocurrency exchange shared the news on X, explaining that the incident appeared to stem from an engineer’s laptop. The compromised device “allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.”
North Korea link?
Blockchain intelligence firm TRM Labs has tied TraderTraitor, “North Korea’s elite hacking unit,” to the attack. TRM Labs calls it the “largest crypto theft on record,” surpassing last year’s $1.5 billion Bybit heist.
In response to the attack, Binance has suspended withdrawals and deposits temporarily. It’s also working with its blockchain partners to freeze any impacted assets.
“Our teams are working around the clock to resolve this issue safely and thoroughly,” Binance said in its post on X. “We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.”
Binance claims the company will cover all losses using its Secure Asset Fund for Users (SAFU). However, an expert expressed doubts to CNBC about a full reimbursement. The fund holds about $1 billion in Bitcoin.
In 2025, Binance reported $34 trillion in trading volume and over 300 million users. It also had $162.8 billion in assets at the time.
Cryptocurrencies react to the hack
Cryptocurrency tokens and crypto-adjacent companies saw their values and share prices fall in response to the attack.
Bitcoin (BTC), the biggest cryptocurrency on the market, was down nearly 4% on Friday morning to $77,594—the lowest it has been in more than a month.
Shares of Circle Internet Group (NYSE: CRCL), Robinhood Markets (Nasdaq: HOOD), and Strategy Inc. (Nasdaq: MSTR) all fell over 6% in premarket trading.
Meanwhile, shares of Strive (Nasdaq: ASST), a Bitcoin treasury company, and Bitmine (NYSE: BMNR), an Ethereum treasury company, were down more than 4%.