Binance Suspends Trading Following Cyberattack Linked to North Korea

Binance, the leading cryptocurrency exchange globally, has temporarily halted trading due to a suspected cyberattack now linked to North Korea. Analysts from a US-based blockchain intelligence firm, TRM, have indicated that a North Korean hacking unit, known as TraderTraitor, is likely responsible for the theft of more than $6 billion from the platform. In response to the breach, Binance has frozen about $3 billion in affected assets while it conducts security checks.

TRM's report states that the attackers moved approximately $6.36 billion out of Binance wallets across ten different blockchains, with most of the transfers occurring within a mere 20 minutes. This incident is being described as the largest cryptocurrency theft on record. The firm noted that several characteristics of this attack are consistent with previous North Korean-linked cyber heists, including a notable hack of Bybit that resulted in a loss of $1.5 billion in February 2025.

Jonathan Levin, co-founder and CEO of blockchain analysis company Chainalysis, also supports the attribution of the Binance attack to TraderTraitor. Experts emphasize that North Korea often resorts to cryptocurrency theft and other illicit cyber activities to acquire foreign currency, which is crucial for funding its nuclear program amid ongoing international sanctions.

While Binance has not confirmed the link to North Korea, the company stated that it is collaborating closely with law enforcement to identify the perpetrators and ensure justice. The exchange has reassured users that their funds are secure, with co-founder Yi He asserting that Binance will cover all losses incurred from the hacking incident.

Investigation Reveals Attack Vector Details

The initial investigation by Binance suggests that the attackers compromised a software infrastructure engineer's laptop, which allowed them to access an internal service and execute unauthorized withdrawals. However, the company has found no evidence indicating that wallet private keys were leaked during the incident.

Filed & Cleared

In the wake of the hack, Tether has frozen around $1.6 billion in its USDT currency, while Circle has also taken action by freezing approximately $800 million in USDC. The news of the cyberattack has had immediate repercussions on the cryptocurrency market, with Bitcoin's value dropping by 3.2% shortly after the announcement, falling below $79,000.

Binance's founder, Zhao, who established the platform in 2017, expressed confidence that all user funds would be fully covered. He had previously stepped down as CEO after pleading guilty in 2023 to failing to prevent money laundering on the platform, a charge for which he received a pardon from former President Donald Trump in 2025. Zhao and Binance have been significant supporters of cryptocurrency initiatives associated with Trump and his family.