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Binance says $6.3 billion affected in breach; firms freeze about $3 billion

Binance estimated a security incident at about $6.3 billion and said partners froze nearly $3 billion, while TRM Labs and Chainalysis attributed the theft to North Korean actors, outlets reported Friday.

Developing story: what's new
  1. New York Times is now reporting this
  2. RTE News, The Hacker News and 3 more are now reporting this
  3. New headline Was: “Binance freezes $2.5bn of assets over suspected hack”
  4. Our desk updated its story
  5. Still developing
  6. BBC is now reporting this
  7. The Guardian is now reporting this
  8. CNBC is now reporting this
2 earlier updates
  1. New headline Was: “Crypto giant Binance freezes $2.5bn of assets over suspected hack”
  2. Our desk filed its story

Binance said Thursday that a security incident affected about $6.3 billion in assets and that partners had frozen nearly $3 billion on-chain, according to ABC News and The Hacker News4,5.

The exchange temporarily suspended deposits and withdrawals, said it found no evidence that wallet private keys leaked, and pledged to cover losses from its Secure Asset Fund for Users and company funds1,4,5.

Binance said an initial investigation suggested a compromised DevOps engineer's laptop let an attacker reach a service container and submit unauthorized withdrawals, a more complex process than a single engineer's permissions, The Hacker News and RTE News reported2,4.

Tether and Circle froze more than about $1.57 billion in USDT and $800 million in USDC tied to the incident, outlets said, with Ripple freezing roughly $200 million1,4,6.

Blockchain firms TRM Labs and Chainalysis attributed the theft to North Korean actors with high confidence, RTE News and The Hacker News reported; TRM linked tradecraft to the group it calls TraderTraitor and to earlier Bybit and KelpDAO incidents2,4.

Chainalysis estimated about $5.91 billion stolen at the time of the theft and said funds from last month's Bitget exploit commingled with Binance proceeds, according to CNBC and The Hacker News3,4.

TRM's Ari Redbord told CNBC that issuer freezes can stop stablecoins quickly but that returning assets typically requires court process, and that roughly $2.4 billion in bitcoin and ether remained beyond issuer freeze tools3.

Binance said it expected to resume withdrawals within 48 hours after revamping withdrawal services and that it would publish a technical post-mortem; North Korea's missions did not immediately comment, RTE said2,4,5.

Bitcoin fell several percent after the alerts, the BBC and CNBC reported1,3.

Independent confirmation of the North Korea attribution, the status of unfrozen assets, and a full root-cause account from Binance remained outstanding2,4.

Sources

  1. BBCCrypto giant Binance hit by $6.3bn hack suspected to be largest in history
  2. RTE NewsBinance freezes $3bn in assets after suspected hack
  3. CNBCBillions in crypto frozen in Binance hack. Here's what happens next
  4. The Hacker NewsBinance Suffers Security Breach Affecting $6.3 Billion in Assets, Nearly $3 Billion Frozen
  5. ABC NewsBinance estimates security breach impact at $6.3 billion
  6. France 24Binance security breach has $6.3 billion impact in potential record crypto heist

How it’s being reported

6 sources

First reported by CNBCCNBC

BBCRTE NewsCNBCThe Hacker NewsABC NewsFrance 24

Where they agree

  • Binance reported a large security incident, paused deposits and withdrawals, and said it would cover losses.
  • Stablecoin issuers froze large sums linked to the event.
  • Binance described a compromised DevOps laptop in its initial account.

Where they differ

Size of the theft and who is responsible

Side by side

Each outlet's article broken down by our newsroom, in our own words. To read what they wrote, use the button under each one.

BBC

Crypto giant Binance hit by $6.3bn hack suspected to be largest in history

Zhao calling it a hack and Circle freezing more than $800 million.

5 billion, paused deposits and withdrawals, and said it would cover losses. — BBC

Binance froze more than $2.5 billion, paused deposits and withdrawals, and said it would cover losses. BBC News

Leaves out Detailed TraderTraitor tradecraft.

Zhao calling it a hack and Circle freezing more than $800 million.

What it reports

  • Binance said deposits and withdrawals were suspended and that it would cover all losses, the BBC reported.
  • Changpeng Zhao said it looked like a hack and that Tether and Circle had frozen about $1.7 billion, according to the BBC.
  • Bitcoin dropped about 5% after the alerts, the BBC said.

Leaves out Detailed TraderTraitor tradecraft.

RTE NewsRTE News

Binance freezes $3bn in assets after suspected hack

Record size versus prior heists and market reaction.

Reports TRM Labs and Chainalysis attributing a $6.3 billion theft to North Korea; Binance cites a compromised engineer laptop.

Record size versus prior heists and market reaction.

What it reports

  • TRM Labs said attackers hit Binance wallets on 10 blockchains and moved most funds in about 20 minutes, RTE reported.
  • Binance said about $3 billion had been located and frozen and that it would cover hacking losses, according to RTE.
  • An initial investigation pointed to a hacked DevOps engineer's laptop, RTE said, citing Binance.
CNBCCNBC

Billions in crypto frozen in Binance hack. Here's what happens next

Legal process needed after issuer freezes.

Focuses on freeze versus recovery and remaining bitcoin and ether under attacker control.

Leaves out North Korea naming in this piece.

Legal process needed after issuer freezes.

What it reports

  • Binance said around $3 billion had been frozen and that it would cover losses, CNBC reported.
  • TRM's Ari Redbord said roughly $2.4 billion in USDT and USDC was frozen while about $2.4 billion in bitcoin and ether remained with the attacker, according to CNBC.
  • Chainalysis estimated about $5.91 billion stolen at the time of the breach, CNBC said.

Leaves out North Korea naming in this piece.

Binance Suffers Security Breach Affecting $6.3 Billion in Assets, Nearly $3 Billion Frozen

Compromised laptop, no private-key leak claimed, SAFU coverage.

Technical account of a hot-wallet authorization burst and TRM's TraderTraitor attribution.

Compromised laptop, no private-key leak claimed, SAFU coverage.

What it reports

  • Binance said there was no evidence of a wallet private-key leak and expected withdrawals to resume in 48 hours, The Hacker News reported.
  • TRM Labs attributed the attack to North Korea's TraderTraitor with high confidence, according to The Hacker News.
  • Chainalysis said stolen Bitget funds from last month commingled with Binance proceeds, The Hacker News reported.
ABC NewsABC News

Binance estimates security breach impact at $6.3 billion

Binance's own figures and promise of a post-mortem.

Company statement on laptop access, $3 billion frozen, and SAFU plus company funds covering losses.

Leaves out North Korea attribution.

Binance's own figures and promise of a post-mortem.

What it reports

  • Binance estimated total impact at about $6.3 billion and said it froze about $3 billion on-chain, ABC News reported.
  • The firm said user funds are safe and it will publish updated proof of reserves after remediation, according to ABC News.

Leaves out North Korea attribution.