Binance reportedly hit by $6.3bn hack, the biggest crypto theft on record

Binance, the world's largest cryptocurrency exchange, has reportedly suffered a hack worth about $6.3 billion, which would make it the largest crypto theft ever recorded.
What happened
Binance announced the breach on Thursday, 29 October 2026, and suspended deposits and withdrawals while it worked to contain the damage. Its preliminary investigation reportedly found that the attackers got in through a compromised laptop belonging to one of its engineers, and used that access to carry out unauthorised transactions. Founder Changpeng Zhao confirmed that the exchange appeared to have been the victim of a cyberattack.
What Binance says
The exchange said about $3 billion of the stolen funds had already been frozen, although other reports put the frozen amount lower. Binance said it would cover all remaining losses, assured customers that their holdings were safe and said it was working with law enforcement. It promised a full technical report once its investigation is complete.
Who is suspected
Blockchain analysis firm TRM said it believed with high confidence that the attack was carried out by TraderTraitor, a North Korean state-backed hacking unit linked to the Lazarus Group. The firm warned that the stolen money could be used to fund North Korea's weapons programmes. North Korea has not commented.
Market impact
The price of Bitcoin reportedly fell by about 5 per cent to below $77,000 after news of the breach. The previous record crypto theft was about $1.5 billion stolen from the Bybit exchange in 2025, also blamed on North Korean hackers.
Why it matters for Nigerians
Binance has millions of users in Africa, and Nigeria is one of the world's biggest markets for crypto trading. Users are being advised to watch for official updates from the exchange and to be wary of scammers posing as Binance support staff.
- Binance says the hack began with an engineer's compromised laptop.
- About $3bn has reportedly been frozen; Binance says it will cover losses.
- Investigators link the attack to a North Korean hacking group.



