Binance, the world's largest cryptocurrency exchange, has allegedly suffered a catastrophic cyberattack resulting in the theft of an astonishing $6.3 billion in digital assets. According to data provided by the US-based blockchain analytics firm TRM Labs, the perpetrators reportedly needed just 20 minutes and a single laptop to execute the massive security breach. Blockchain analysts suggest that state-sponsored hackers from North Korea are behind the operation, raising renewed and pressing questions about the vulnerability of centralized crypto platforms.
The well-orchestrated attack targeted Binance wallets across ten different blockchains on October 29, unfolding rapidly into the early hours of October 30. Preliminary internal investigations by Binance indicate that the breach supposedly originated from a compromised laptop belonging to an engineer, which granted unauthorized entry into the exchange's internal systems and enabled fraudulent withdrawal commands. Experts note similarities to previous high-profile incidents, such as the 2025 Bybit breach.
In the wake of the disaster, a frantic effort was launched to mitigate the financial damage and freeze illicit transfers. As reported by Reuters, Binance and its industry partners managed to freeze approximately $3 billion in stolen assets. Notably, stablecoin issuers Tether and Circle blocked over $2.3 billion, while Ripple and entities linked to US President Donald Trump’s family also froze millions. Nevertheless, TRM estimates that hackers still retain about $2.4 billion in unfreezable Bitcoin and Ethereum.
The unprecedented security failure heavily impacted the platform's user base of 335 million registered accounts, prompting the European regime-operating exchange to temporarily halt all withdrawals with a promised 48-hour restoration window. Binance co-founder and top executive Yi He supposedly assured the public that the company will cover 'all losses resulting from the hack' using its user protection funds and internal reserves. However, skeptics point out that the designated safety fund holds only about $1 billion in Bitcoin—falling short of the stolen total by more than sixfold.
Source: kun.uz