The incident, reported on October 29, involved hackers gaining access to the exchange’s digital wallet infrastructure and making unauthorized withdrawal transactions.

According to Binance, preliminary investigations suggest that the attack may have originated from a compromised laptop belonging to a DevOps engineer, allowing an attacker to access an internal service container.

The company said it had found no evidence that wallet private keys were leaked.

“Rest assured that user funds are completely safe,” a Binance spokesperson said, adding that the exchange would cover all losses using company funds and its emergency asset protection fund.

Binance temporarily suspended deposits and withdrawals while conducting security checks and working with law enforcement agencies and blockchain intelligence firms to trace the affected assets.

About $3 billion of the affected funds had been frozen, leaving approximately $3.3 billion still unaccounted for, according to reports.

TRM Labs has attributed the recent Binance security breach to TraderTraitor, an elite North Korean hacking unit, citing what it described as robust on‑chain and off‑chain intelligence.

According to the firm, roughly $6.36 billion was siphoned from Binance wallets across ten blockchains, with most of the transfers executed in under 20 minutes.

The operation mirrors patterns seen in earlier North Korea‑linked cryptocurrency thefts, including the February 2025 Bybit attack, in which about $1.5 billion was stolen.

Despite these assessments, North Korea has not issued any response to the latest allegations. Binance, for its part, has not publicly accused North Korea, stating only that it is cooperating with global law‑enforcement agencies as investigations continue

The latest incident has renewed concerns about the security of digital assets and the vulnerability of centralised cryptocurrency exchanges.

“It’s the biggest hack in history,” Aravind Srinivasan, head of systematic over-the-counter trading at cryptocurrency market maker GSR, told Reuters.

The breach highlights growing cybersecurity challenges facing the cryptocurrency industry as exchanges continue to manage billions of dollars in customer assets.