Binance puts attack cost at $6.3 billion as North Korean hackers suspected

Cryptocurrency exchange Binance put the total cost of the October 29 attack at $6.3 billion. Blockchain analytics firm TRM Labs linked the attack to the North Korea-connected TraderTraitor group.

Cryptocurrency exchange Binance put the estimated total cost of the security breach discovered on October 29 at $6.3 billion. This makes the incident the largest theft in cryptocurrency history.

Binance said approximately $3 billion in digital assets linked to the attack had been frozen. The company said it had temporarily halted deposits and withdrawals and would cover all losses using its own resources and the SAFU user security fund it established in 2018.

U.S.-based blockchain analytics firm TRM Labs calculated the value of the unauthorized transfers carried out by the attackers across 10 different cryptocurrency networks at $6.36 billion. Most of the transfers were completed in approximately 20 minutes, with $3.79 billion in assets moved from the Ethereum network, $1.47 billion from the Bitcoin network and $628 million from the Tron network.

Binance logosu

TRM Labs linked the attack to the North Korea-connected TraderTraitor group, saying the methods used resembled those attributed to previous attacks by the group. The attackers' identities have not yet been confirmed by official authorities. The U.S. Federal Bureau of Investigation (FBI) also held North Korea responsible in February 2025 for the theft of approximately $1.5 billion in assets from the Bybit exchange.

According to Binance's initial investigation, the attack may have begun when the computer of an engineer responsible for the company's software infrastructure was compromised. The company said it had found no evidence that the private keys controlling the wallets had been leaked.

Binance TR said user assets in Türkiye were safe and that services were continuing without interruption.

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Binance puts attack cost at $6.3 billion as North Korean hackers suspected

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