Cryptocurrency exchange Binance reportedly suffered a security breach on October 29 involving an estimated $6.3 billion in assets, prompting it to suspend deposits and withdrawals.

Binance’s initial investigation suggests that attackers may have gained access through a compromised laptop belonging to a DevOps engineer. They allegedly used access to a service container to process unauthorised withdrawals.

Binance reportedly found no evidence that private keys used to secure cryptocurrency wallets had been exposed. The investigation is ongoing.

Blockchain analytics firm Chainalysis reportedly estimated that at least $5.912 billion was stolen across several networks, including Bitcoin, Ethereum, Tron and Ripple.

In a subsequent post on X, Chainalysis attributed the attack to North Korea, citing links between the stolen Binance funds and assets from the September Bitget hack.

“Our investigators observed funds stolen by DPRK in last month’s Bitget exploit commingling with funds stolen from Binance.

We have a high degree of confidence that DPRK is responsible for the $6.4 billion hack of Binance.”

Our investigators observed funds stolen by DPRK in last month's Bitget exploit commingling with funds stolen from Binance.

We have a high degree of confidence that DPRK is responsible for the $6.4 billion hack of Binance. https://t.co/xj9dQYcbKr

— Chainalysis (@chainalysis) October 30, 2026

Binance said it had frozen approximately $3 billion in affected assets with help from industry partners. It also reportedly promised to compensate affected users through its Secure Asset Fund for Users (SAFU) and company funds.

The exchange reportedly revoked the affected authorisation, contacted law enforcement and committed to publishing a technical report and updated proof of reserves.

Cryptocurrency prices fall as companies freeze assets

The breach triggered a broad sell-off in cryptocurrency markets:

  • Bitcoin: Fell more than 3% to $76,368, its lowest level in six weeks.
  • Ether: Dropped over 3% to $2,178, a two-month low.
  • BNB: Declined 5% to $709.70.

Shares of Coinbase reportedly fell 4.8%, while Strategy declined nearly 6% in extended US trading.

Several cryptocurrency companies also reportedly restricted assets linked to the alleged theft:

  • Tether: Froze approximately $1.57 billion.
  • Circle: Froze more than $800 million.
  • Ripple: Froze around $200 million.
  • World Liberty Financial: Helped freeze $27 million in stablecoins and approximately $2 million in WLFI tokens.

Decentralised lending platform Aave also reportedly restricted deposits and borrowing in several markets after the attacker used $60 million in USDT as collateral to borrow approximately $44.6 million in wrapped Ether.

Analysts raise concerns about exchange security

The reported incident has raised questions about the safety of funds held on centralised cryptocurrency exchanges and the consequences of withdrawal restrictions.

“It’s the biggest hack in history,” said Aravind Srinivasan, head of systematic OTC business at cryptocurrency market maker GSR.

Tim Sun, senior researcher at HashKey Group, warned: “It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges, as well as counterparty, solvency and liquidity risks.”

Geoffrey Kendrick, head of digital assets research at Standard Chartered, said: “I suspect the negative price action still has some way to go. Only after assets are unfrozen and more detail of the hack emerges will we find a new base.”

The incident adds to a series of major cryptocurrency thefts. Hackers stole approximately $2.9 billion across nearly 150 attacks in 2025, according to TRM Labs. In September 2026, cryptocurrency exchange Bitget reported a theft of around $350 million.

Read more:

The post Binance reportedly suffers $6.3 billion hack, suspends withdrawals appeared first on MEDIANAMA.