Binance Hit by $6.3 Billion Crypto Hack, Promises to Cover All Losses

Crypto giant Binance is facing a major security crisis after a reported incident affected approximately $6.3 billion in cryptocurrency. The exchange has suspended deposits and withdrawals while investigating the incident, freezing assets, and working with law enforcement. Binance has also promised to cover losses linked to the incident.

Binance’s official X statements reveal the growing crisis

Binance initially acknowledged reports of a potential security issue on its official X account. The company said its security teams were investigating and assured users that their funds remained safe. However, subsequent updates confirmed temporary suspensions and efforts to freeze affected assets.

In a later update, Binance said it would cover all losses and continue working with law enforcement. The exchange also promised to publish a full post-mortem after completing its investigation.

Billions frozen as investigators examine the breach

According to the Associated Press, blockchain intelligence firm TRM linked the incident to TraderTraitor, a hacking group associated with North Korea. Investigators estimated that approximately $6.36 billion moved from Binance wallets across ten blockchains, with most transfers occurring within 20 minutes. Binance said roughly $3 billion in affected assets had been frozen. AP News

Stablecoin issuers Tether and Circle also reportedly froze related assets. Meanwhile, Binance said it found no evidence that wallet private keys had leaked. The investigation remains ongoing, and the precise circumstances surrounding the incident require further clarification.

What happens next for Binance users?

The incident could intensify scrutiny of cryptocurrency exchange security, especially controls governing withdrawals and access to wallets. Binance says it will restore suspended services once security checks are complete. Until then, users should rely on official updates on X and avoid suspicious messages claiming to offer recovery assistance.