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Fri, 30 Oct 2026

Fri, 30 Oct 2026 Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea

The cyber-attack, which the company describes as complex, is believed to be the largest ever of its kind.
Binance, the world's largest cryptocurrency exchange, has been hit by a massive hack that resulted in $6.3 billion being stolen. The company claims it has frozen around half of the funds stolen, with approximately $3 billion still missing. The attack is believed to be linked to a North Korean hacking unit, and several analytics firms have connected the heist to a previous incident on Bybit exchange in 2025. The US Secret Service said they are working to identify, freeze, trace, and recover the stolen funds. Binance's co-CEO Richard Teng stated that the hack was not carried out by one person, but rather involved multiple points of breach. He also mentioned that the hackers used a self-destruct mechanism that destroyed tooling and traces as they went, making it difficult for Binance to trace and investigate. The price of Bitcoin dropped 5% after the news broke, while cryptocurrency exchange Coinbase fell 12%. Robinhood, which trades in cryptocurrency, also saw a 7.8% decline. Binance has assured its users that their money is safe and that the company will cover any losses. However, experts have warned customers not to take this promise as legally binding and instead pursue litigation if necessary. The hack raises concerns about Binance's ability to recover from such a massive financial loss. The company has been subject to regulatory scrutiny worldwide, and some experts believe it may be unable to fulfill its promise of covering losses.