Binance has promised to cover customer losses after hackers stole an estimated $6.3 billion in cryptocurrency, forcing the world’s largest crypto exchange to suspend withdrawals and sending digital-asset prices lower.
The theft, described by blockchain investigators as the largest cryptocurrency heist on record, unfolded late on October 29. Binance said approximately $3 billion in affected assets had been frozen through cooperation with blockchain partners.
Frozen assets cannot freely move, but that does not mean they have already been returned to the exchange.
“Your money is safe and we’re covering every loss,” co-chief executive Richard Teng said. Binance expects to restore withdrawals within 48 hours while it completes security work, although that remains an estimate rather than confirmation that customers can access their funds.
Binance’s preliminary investigation points to a compromised laptop belonging to a DevOps engineer.
The exchange said the attacker may have used it to access a service container, part of its computing infrastructure, and submit unauthorised withdrawal transactions.
Blockchain analysis firm TRM Labs traced approximately $6.36 billion moving from Binance wallets to attacker-controlled addresses across ten blockchains.
Most of the money moved within about 20 minutes, although preparations began at least 36 hours earlier, the firm said.
TRM attributed the attack to TraderTraitor, a North Korean hacking group, citing blockchain records and other intelligence.
It identified similarities with the February 2025 Bybit theft, which the FBI attributed to the same group.
Chainalysis also linked the Binance attack to North Korea. Binance, however, said its own investigation had not attributed responsibility to an individual. The investigators’ assessments should therefore be distinguished from the exchange’s findings.
Binance’s Secure Asset Fund for Users, intended to protect customers during security incidents, is a $1 billion reserve held in bitcoin.
The estimated theft is more than six times that amount, although the asset freezes could reduce the eventual loss. Teng said company funds would also support the repayment commitment.
Tether froze nearly $1.57 billion connected to the incident, while Circle froze more than $800 million. Other issuers and partners also restricted affected assets.
Markets fell as news spread. Bitcoin touched $76,368, its lowest level in six weeks, while ether dropped more than 3% to $2,178. Those were prices recorded during the sell-off, rather than fixed closing values.
For Nigerian customers holding cryptocurrency on Binance, the immediate issue is access. The promise to cover losses does not itself restore withdrawals, and customers needing to transfer funds must await the exchange’s reopening.
The incident also exposes two separate risks of keeping assets on an exchange. A customer can face falling token prices while simultaneously being unable to move the holdings.
Binance’s repayment pledge addresses losses from the breach; it does not promise compensation for market declines.
