Hackers stole $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in what analysts say is the biggest crypto hack ever, an attack that could prompt investors to rethink the risks of owning digital assets.
The hackers behind the raid were from North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. The attackers targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, TRM Labs said in a statement.
Binance said it worked with partners to freeze the affected assets with about $3 billion located so far. It did not mention the status of the remaining $3.3 billion, and its co-founder Yi He said the exchange would cover “all hacking losses”.
Binance said its deposits were unaffected and it expects to resume withdrawal services in the next 48 hours.
TRM said several features of the attack matched earlier heists linked to North Korea, including a 2025 hack of crypto exchange Bybit that the US Federal Bureau of Investigation had attributed to Pyongyang.
“We make this judgment with high confidence,” it said in a statement.
North Korea’s mission in Geneva and its embassy in China did not immediately respond to Reuters requests for comment.
The incident could be the world’s biggest crypto heist, according to analytics firm Chainalysis and other industry experts.
“It’s the biggest hack in history,” said Aravind Srinivasan, head of large crypto market maker GSR’s systematic OTC business.
Bitcoin BTC= dropped more than 3% to a six-week low of $76,368 and ether ETH= fell more than 3% to a two-month low of $2,178. BNB BNB=CCCL, a token originally launched as Binance Coin that can be used to pay Binance fees, was down 5% over the past 24 hours at $709.70, according to market aggregator CoinGecko.
Shares in crypto exchange Coinbase Global COIN.O slid 4.8% while those of bitcoin buyer Strategy MSTR.O fell nearly 6% in extended US trading.
An initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers, which let an attacker gain access to one of its systems and make unauthorized withdrawals, Binance said.
“The incident stems from multiple factors. Our security team is tracing the full attack path through the compromised computer which may be the entry point of the incident,” Binance said.
Beyond the potential loss of assets, the security breach was likely to have wider ramifications for crypto, which had already been under pressure due to higher US interest rates and softer demand from exchange-traded fund buyers, analysts said.
“It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralized exchanges, as well as counterparty, solvency and liquidity risks,” said Tim Sun, senior researcher at HashKey Group, based in Hong Kong.
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally and had about $162.8 billion in assets under custody as of the exchange’s 2025 annual report.
“User funds remain safe,” Binance said in a statement.
Binance runs a secure asset fund for users, which is a reserve held entirely in bitcoin that is intended to protect user assets in cases of security breaches, according to its website.
“It’s becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them,” said Bernardo Brites, CEO of Trace Finance, a payments and stablecoin infrastructure company.
“My view is that users will move away from smaller and medium-sized exchanges, (it is) becoming too risky to park your money somewhere that couldn’t cover a hack of meaningful size.”
Stablecoin issuer Tether said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million.
World Liberty Financial, a crypto company linked to US President Donald Trump and his family, said on Thursday it had worked with cryptocurrency custodian BitGo to freeze funds stolen in what it described as a Binance hack. Binance’s Yi said $27 million in stablecoins and about $2 million worth of World Liberty tokens had been frozen.
Crypto firm Ripple also froze roughly $200 million in funds, Yi said. Jack McDonald, senior vice president of stablecoins at Ripple, said the company was closely monitoring reports of a potential exploit involving Binance and was freezing affected funds and coordinating with relevant parties.
Miguel Morel, CEO of blockchain intelligence firm Arkham, said data indicated that billions of dollars appeared to have been hacked from Binance by an unknown actor.
The incident adds to a string of crypto thefts. Last year, attackers stole $2.9 billion worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs. In September, cryptocurrency exchange Bitget said roughly $350 million in crypto had been stolen from its platform, underscoring the industry’s vulnerability to hackers.
Authorities have warned that organised crime groups are increasingly using cryptocurrencies to move funds across borders outside the traditional financial system.
Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.
Coinbase COIN.O said it was unaffected and was monitoring the situation.
In an unrelated incident earlier on Thursday, prediction market operator Polymarket temporarily halted trading after a security incident involving a third-party provider. It later resumed trading and said it would fully reimburse affected traders.
| Time period | Company | What was stolen | What happened |
| February 2025 | Cryptocurrency exchange Bybit | Digital tokens worth $1.5 billion | The crypto was taken from a “cold wallet” – a digital wallet usually stored offline and so supposedly more secure – that was used for ether tokens. |
| March 2022 | Ronin Network, a network that allows transfer of crypto coins across different blockchains | Roughly $540 million from a blockchain project linked to the popular online game Axie Infinity | Hackers stole some 173,600 ether tokens and 25.5 million USD Coin tokens. |
| February 2022 | Wormhole, a DeFi site | $320 million | Hackers making off with 120,000 digital tokens connected to the second-largest cryptocurrency, ether. The crypto arm of Chicago-based Jump Trading, which had the year before acquired the developer behind Wormhole, later replaced the funds. |
| August 2021 | Poly Network, a platform that facilitates peer-to-peer token transactions | $610 million (Hackers behind the heist later returned nearly all of the stolen funds) | The hack underscored vulnerabilities in the burgeoning decentralised finance, or DeFi, sector, where users lend, borrow and save in digital tokens, bypassing the traditional gatekeepers of finance such as banks and exchanges. |
| January 2018 | Tokyo-based exchange Coincheck | $530 million | The thieves attacked one of Coincheck’s “hot wallet” – a digital folder stored online – to drain the funds, drawing attention to security at exchanges.South Korea’s intelligence agency said at the time that a North Korean hacking group may have been behind the heist. |
| Between 2011 and 2014 | Tokyo-based bitcoin exchange Mt. Gox | Bitcoin worth close to $500 million was stolen in one of the earliest and most high-profile crypto hacks. | Mt. Gox, which once handled 80% of the world’s bitcoin trade, filed for bankruptcy in early 2014 after the hack was revealed, with some 24,000 customers losing access to their funds. |
Cryptocurrency exchange scrambles to freeze affected assets, with about $3bn located so far
The world’s largest cryptocurrency exchange has been hit by an industry-record $6.3bn (£4.7bn) hack, with experts identifying North Korea as the likely culprit.
Binance has scrambled to freeze the affected assets, with about $3bn located so far. The company gave no update on the other $3.3bn as Binance’s co-founder Yi He said the company would cover “all hacking losses”.
Continue reading...
© Photograph: Brent Lewin/Bloomberg via Getty Images
© Photograph: Brent Lewin/Bloomberg via Getty Images
© Photograph: Brent Lewin/Bloomberg via Getty Images
Reform UK leader ‘shocked’ by £10bn pledged to Ukraine and doubles down on cutting tax for crypto investors
Nigel Farage skipped the chancellor’s first budget because he was worried he would get in a “physical altercation” with another MP in a row over seating arrangements.
The Reform UK leader was not present in the House of Commons but gave a press conference afterwards in which he said he was “shocked” by the £10bn going to support Ukraine and doubled down on his party’s policies on cutting tax for crypto investors.
Continue reading...
© Photograph: Zeynep Demir Aslim/ZUMA Press Wire/Shutterstock
© Photograph: Zeynep Demir Aslim/ZUMA Press Wire/Shutterstock
© Photograph: Zeynep Demir Aslim/ZUMA Press Wire/Shutterstock
The prime minister previously said that he wanted a debate on how Britain can establish a closer relationship
Speaking at his rough sleeping summit in Downing Street this morning, Andy Burnham expanded on the claim he made on Good Morning Britain about tackling rough sleeping being cheaper than ignoring the problem. (See 11.13am.)
He said:
We’ve also got to be conscious when we speak to the rest of the country, the taxpayers of this country, that actually to leave people sleeping rough has financial consequences. It doesn’t work for anybody and it doesn’t work for the public purse, because if you leave people in a position where they are in and out of A&E, and in and out of a hospital bed, that doesn’t make sense for anybody.
There is a rock-solid business case to do something to end homelessness, to put people on a path to recovery, so that they can contribute once again. And that should be the thinking that we take to this conversation.
Burnham is throwing another £432m at a problem he failed to solve in Greater Manchester. Under Labour, rough sleeping has hit record highs – yet their answer is always more taxpayers’ money and more empty promises.
[John] Healey must use his budget this week to cut taxes for working people, get the ballooning benefits bill under control, and stop pushing up energy prices.
John Healey is expected to confirm on Wednesday that the full state pension will rise by £489 to £13,036 – equivalent to 3.9%.
However, the rise will push about one million people on low incomes who rely on the state pension above the £12,570 personal allowance threshold, meaning they would be dragged into paying income tax.
Continue reading...
© Photograph: ITV
© Photograph: ITV
© Photograph: ITV
Login