North Korea-Linked Hackers Steal $6.3 Billion from Binance in Record Crypto Heist
In what experts are calling the largest cyber heist in history, hackers stole $6.3 billion in cryptocurrency from Binance, the world’s biggest crypto exchange, on October 29, 2026. The operation took just 20 minutes, with attackers draining funds from ten blockchains simultaneously—including a single transaction worth more than $2.5 billion.
The FBI has confirmed that the attack was carried out by TraderTraitor, a North Korean military hacking unit believed to be part of the notorious Lazarus Group. According to Binance CEO Richard Teng, the hackers exploited a multi-signature protocol called EIP-7702 to access the exchange’s hot wallet through a compromised engineer’s laptop.
In response, Binance suspended all deposits and withdrawals and worked with law enforcement and partner exchanges to freeze approximately $3 billion in stolen assets. The company has pledged to cover user losses, stating that “user funds are completely safe.”
- Binance has set aside $6 billion to cover potential liabilities.
- The exchange plans to resume services within 40 hours.
- A proof-of-reserves report is scheduled for publication on November 2.
The heist eclipses the previous record: a $1.5 billion theft from Bybit in 2025, also attributed to TraderTraitor. The incident has renewed urgent calls from regulators and industry leaders for stronger cybersecurity standards across crypto platforms.
Source: NPR — A simple explainer of the massive $6.3 billion crypto heist at Binance