Binance says $6.3 billion stolen in record crypto hack
Binance says attackers took about $6.3 billion from its hot wallets on Oct. 29, with $3 billion frozen; withdrawals were paused as it works to cover user losses.
The Blockheight Editors··2 min read
Binance said attackers stole about $6.3 billion from its hot wallets on Oct. 29, in what the exchange and blockchain analysts describe as the largest crypto theft on record. The exchange temporarily suspended withdrawals while it carried out security checks, according to Binance’s security incident update; deposits remained available.
Binance said it had worked with blockchain partners to freeze about $3 billion of the affected assets. The Associated Press reported that TRM estimated about $6.36 billion left Binance wallets across ten blockchains, with most of the transfers made in roughly 20 minutes.
How did attackers get access to the wallets?
Binance’s preliminary investigation points to a possible compromise of a DevOps engineer’s laptop. The attacker may have used that access to enter a service container and submit unauthorized withdrawal transactions, Binance said. The exchange said it found no evidence that wallet private keys had leaked.
The exact entry point remains under investigation. Binance has not confirmed who carried out the attack; blockchain firms cited by the AP said the activity showed similarities to previous North Korea-linked thefts.
How will Binance cover the losses?
Binance said it would cover all losses through its Secure Asset Fund for Users and company funds, and that user funds are safe. It also said it had engaged law enforcement and blockchain intelligence partners to trace and recover assets, and revoked authorization for the affected address.
The exchange said it would publish a technical post-mortem after the investigation and facts are fully verified, and update its Proof of Reserves after remediation. How much of the remaining stolen assets can be recovered, and who was responsible, have not been confirmed.