Binance, the world’s largest crypto exchange, suffered a security breach that resulted in the theft of assets worth US$6.3 billion, or Rp114.3 trillion, the company said on Thursday (29/10). Binance halted deposits and withdrawals while it investigated. The exchange said US$3 billion had been traced and frozen with partners. The remaining US$3.3 billion was unclear.
Binance’s initial investigation found the breach originated from the laptop of a company developer that was hacked. Co-CEO Richard Teng said user funds were safe and the exchange would cover any losses. He said the investigation had not assigned responsibility to any individual.
Tracing the funds
Ripple has frozen US$200 million. Binance estimated the freeze would last 48 hours.
US blockchain analytics firms TRM Labs and Chainalysis said the attack resembled earlier large hacks linked to North Korea. TRM said attackers could have directed a wallet used by Binance to move its contents to a hacker-controlled wallet. A similar pattern occurred in the 2025 Bybit hack, which the FBI linked to Pyongyang.
Market reaction
Bitcoin fell to $76,368, its lowest level in six weeks. Ether dropped more than 3 percent to $2,178, its lowest in two months. The BNB token fell 5 percent to $709.70. Coinbase shares fell 4.8 percent, and Strategy shares fell nearly 6 percent in US after-hours trading.
Tim Sun, a researcher at HashKey Group, said the incident could further dampen appetite for risk. He said it could prompt investors to reassess the security of assets on centralised exchanges.
Related: Binance halts deposits and withdrawals after alleged hack
Source: Binance
