Binance's Record $6.3B Hack Is Testing Crypto's Trust All Over Again
Oct 31, 2026
Binance is recovering from a record $6.3 billion hack linked to North Korea's TraderTraitor group, with billions frozen and withdrawals resuming in phases.
A New Record, For All the Wrong Reasons
Binance is dealing with what's being called the biggest crypto hack ever. Reports put the damage at roughly $6.3 billion, and blockchain investigators are already pointing fingers at North Korea's TraderTraitor group, the same crew tied to past exchange heists.
The exchange moved fast to freeze what it could. Early numbers suggested over $2.5 billion got locked down before it slipped away, and withdrawals were paused while the team sorted things out. Binance says phased withdrawals should start coming back online within roughly 34 hours, with a fresh Proof of Reserves report expected soon after.
Binance Says It Will Cover the Losses
CZ and the Binance team have pledged to use the exchange's own balance sheet to make customers whole, which is a big promise given the size of the hole. Michael Saylor called it a lesson for the entire industry, and Bitwise's CIO thinks the market bounces back within a week. Rivals like Coinbase and Kraken are already using the moment to tighten their own security.