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Binance has revealed that the attack was a “sophisticated, multi-stage campaign.” According to the company, the hack stems from a DevOps engineer downloading a compromised Homebrew installation back in June. By September, another engineer was targeted in a social engineering attack where the malicious actor posed as a recruiter on a job-hunting platform. The incident resulted in the attacker gaining access to the engineer’s computer when they were asked to download “an assignment” as part of an interview. The company also stated that it prevented 57 North Korea-linked cybersecurity cases throughout 2026.
Kim Yo Jong, North Korean leader Kim Jong Un’s sister, denounced the attack’s links to TraderTraitor. She accused the US government of misleading international public opinion by pinning cybercrimes around the world to North Korea.
The Federal Bureau of Investigation claimed that North Korea was behind the $6.3 billion hack. The agency attributed the malicious cyber activity to the North Korea-affiliated hacking group, “TraderTraitor,” publishing a list of addresses associated with the incident. Blockchain analytics firms Elliptic and Chainalysis have also linked the attack to North Korea.
Binance has been hit by a massive hack. While it’s unclear who is behind the Binance hack, the world’s largest cryptocurrency exchange confirmed it’s dealing with a security incident after users reported funds being drained from the exchange’s wallets. “Our teams are aware of reports of a potential security issue and are actively investigating,” the company said in a statement.
Crypto watchers said more than $2 billion has been drained from Binance’s hot wallets, based on the Ethereum address in question. CoinDesk reported the amount may be as high as $5.7 billion, including $1.5 billion of bitcoin and $900 million of ether in the hacker’s crypto wallet.
Following an investigation, Binance confirmed that the breach has exploited $6.3 billion . The company suspects that the incident stems from a compromised DevOps engineer’s laptop, which “allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.”
The Binance hack prompted Circle to freeze about $800 million in Tether, while Tether itself froze $1.56 billion. At the time of writing, Binance says the total frozen amount is $2.54 billion. The crypto exchange has also halted all deposits and withdrawals as part of its “ongoing security measures.”
Earlier, Binance founder Changpeng Zhao acknowledged the incident, saying it “looks like a hack” and that he expects all user funds will be fully recovered. He further added that the actual compromised amount is likely over $1 billion.
User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered. https://t.co/oufpyNChxI
Back in 2023, Zhao stepped down as Binance’s CEO and pleaded guilty to breaking U.S. anti-money laundering laws. Last year, President Donald Trump granted him a full pardon .
The company has a financial safety net to cover some of these losses. Back in 2018, Binance set up its Secure Asset Fund for Users (SAFU) to cover security breaches and other incidents. It holds $1 billion in bitcoin. Binance announced that SAFU and the company’s funds will cover all losses.
The Binance hack is now the biggest crypto breach in recent years. Last year, hackers stole $1.4 billion in crypto from the exchange Bybit and blamed it on North Korea.
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. We are working around the clock and will… pic.twitter.com/zufWJ6V05D
Unsurprisingly, crypto prices have dipped amid the news. As of now, bitcoin (BTC) is down 4.89% to $77,104, Ether (ETH) is down 5.93% to $2,212, and AAVE is down 12.85% to $116.
Updated article to include Binance’s findings (2026-10-29 22:23)
Developing story Updated November 4, 2026 · 5:19 am 9:33 am Binance publishes findings Binance has revealed that the attack was a…
You'll often find him immersed in all things tech and interactive media. Spends his off-hours trying to catch up on his annual reading challenge (100 and fails) or gaming the night away with Blood of Dawnwalker. Also, spends too much time on Twitter.
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