Cryptocurrency giant Binance has responded to being hit by a hack that has seen $6.3 billion worth of assets being impacted, as they are covering “all losses.”
On October 29, Binance was hit by a hack that was quickly described as “the largest crypto theft on record”. Around $6.3 billion worth of crypto assets had been affected by the attack, with the crypto exchange having to freeze all transactions for the time being.
“We are working non-stop to resolve this issue. Binance will cover all losses. As a precaution, all deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement,” the platform announced.
“We are working around the clock and will share a full post-mortem once the investigation is complete. Please rely only on official Binance channels for updates.”
Binance laptop wasn’t only route in for hackers
The world’s biggest crypto exchange also noted that it is an “industry-wide effort” to respond to the attack, with other platforms also moving to freeze assets due to the incident.
Binance initially noted “that the security incident may have involved a compromised laptop” that belonged to an employee.
However, their “subsequent investigation has uncovered additional points of breach” beyond the laptop.
“This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it. We are still gathering the facts, and will share more directly as we have them.”
Other platforms have blamed a North Korean-linked group, known as TraderTraitor, for the attack. As per the BBC, the group have also been known as Lazarus Group, and was responsible for the 2025 attack on Bybit.
That attack had an estimated value of around $1.5 billion, which has been massively eclipsed by this one.
Some reports suggested that around $6 billion had already been taken in this hack, however, Binance said that “user funds are safe” and they are “on track” to resume withdrawals within the next 48 hours.
Binance co-CEO Richard Teng also said that the attack was not a “single one-click action,” and that it was a “more complex attack process.”
“So far, we have found no evidence of any wallet private key leak,” Teng also noted.
Other experts have said it will be “hard” to recover the funds affected in this attack, and may take some time to even begin to track them down.
I’m Abhishek Sharma, an author at TigerJek.com. I enjoy exploring games, testing different strategies, and turning what I learn into clear, useful guides. My goal is to help players understand the game better and improve without the usual confusion.
