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Twenty Minutes, $6.3 Billion: The State of the Binance Hack

At about 20:05 UTC on Thursday, October 29, attackers drained an estimated $6.3 billion from Binance's hot wallets across several blockchains. Most of the coins — bitcoin, ether and stablecoins among them — left in a burst that lasted roughly 20 minutes, according to CoinDesk. It is the largest theft in crypto history, more than four times the $1.46 billion taken from Bybit in February 2025.

Binance says the entry point was a compromised DevOps engineer's laptop, which let the attackers submit unauthorized withdrawal requests through internal systems. The exchange says it later found additional exploit points, but has seen no evidence that any wallet private keys were stolen.

Blockchain analysts moved fast on attribution. TRM Labs and Chainalysis have linked the attack to North Korea's TraderTraitor hacking group with high confidence, citing the speed and sophistication of the operation. The FBI says it is engaged with public and private partners, and the U.S. Secret Service says its investigators are working with Circle and others to trace and freeze the funds.

Two numbers now define the story. Binance has set aside more than $6.34 billion of its own resources to restore customer balances, and industry partners have frozen about $3 billion of the stolen assets. Withdrawals remain paused pending security checks; deposits remain open.

cryptobinancehackbitcoinsecurityInfiniti MarketsInfiniti Signals

Sources & attribution

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  1. Source 1
    CoinDeskcoindesk.com
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    https://www.coindesk.com
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  2. Source 2
    CNNcnn.com
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    https://www.cnn.com
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    The feed did not publish this story's article address.
  3. Source 3
    TRM Labstrmlabs.com
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    https://www.trmlabs.com
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    The feed did not publish this story's article address.

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