Binance says $6.3bn stolen in biggest crypto heist in history: What we know

What the report says

Binance, the world’s largest cryptocurrency exchange, said hackers stole about $6.3bn from its systems in what appears to be the biggest crypto theft on record. According to Al Jazeera’s reporting, the company suspended deposits and withdrawals after the breach and said it expected to cover user losses, while also telling the outlet that customer funds remained safe.

Two US blockchain analysis firms, TRM Labs and Chainalysis, said the attack likely originated in North Korea. TRM said most of the theft happened in roughly 20 minutes late on Thursday, and that the funds were taken across multiple blockchains. Binance said about $3bn had already been frozen, including amounts blocked by stablecoin issuers Tether and Circle, though it has not explained where the rest of the stolen assets are.

The report says the incident has renewed concern about the security of large, centralized crypto exchanges, which hold assets on behalf of users and can become high-value targets. For context, North Korea has long been accused of using cyber theft to raise foreign currency under sanctions, a claim the country denies. Binance said it was working with law enforcement and aimed to restore withdrawals within about 45 hours.

The hack also shook crypto markets, with bitcoin and ether falling after the news before steadying. Shares in Coinbase, which said it was not affected, also declined. Al Jazeera noted that the theft exceeded Binance’s emergency protection fund, underscoring how large breaches can ripple beyond one exchange and weigh on confidence in the wider crypto market.