Hackers Steal $6.3 Billion From Binance in Record Crypto Theft

what happened

According to TradingView, citing RTTNews and dpa-AFX, crypto exchange Binance suffered a $6.3 billion breach that analysts say may be the largest financial theft on record. The exchange paused withdrawals after attackers got past its transaction approval system and moved assets out of an internet-connected wallet.

Binance says customer funds are safe and has set aside about $6.34 billion of its own money to cover the losses. So far, roughly $3 billion of the affected assets has been found or frozen. Tether froze close to $1.57 billion tied to the breach, and Circle froze more than $800 million. TRM Labs and Chainalysis see similarities with earlier thefts linked to North Korea, and Binance is cooperating with US authorities, including the FBI and Secret Service.

The incident hit crypto prices right away. Bitcoin dropped to $76,368, a six-week low, while ether lost more than 3% to $2,178, a two-month low.

why it matters

The hack puts fresh attention on security at major exchanges and may keep crypto traders cautious. The size of the frozen funds and the possible North Korean link will shape how quickly confidence in the platform recovers.

market impact

Crypto: the blow to trust in the exchange weighs on Bitcoin and Ether

• ▼Bitcoin pressure down — price fell to a six-week low after the Binance breach
• ▼Ether pressure down — lost more than 3% to a two-month low

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