Key Takeaways
- • Binance, the world's largest crypto exchange, faced an attempted theft of up to $US6.3 billion ($8.9 billion) in digital assets on October 30, 2026, which crypto watchers describe as the largest crypto hack in history.
- • Approximately $US3 billion ($4.2 billion) in funds was frozen as of the reporting, but the final scale of losses remains unclear.
- • Attackers reportedly compromised a staff member's laptop and moved funds from multiple "hot wallets" holding 30 to 40 tokens, including Ethereum, Bitcoin, USDT and USDC.
- • Binance says it found no evidence of a wallet private key leak, has temporarily suspended deposits and withdrawals, and will cover all hacking losses.
- • The incident is significantly larger than the February 2025 $US1.5 billion theft from Bybit attributed to the North Korean-linked Lazarus Group, which analysts see as a likely suspect.
Summary
Crypto exchange Binance suffered what crypto watchers are calling the largest hack in the sector's history, with attackers attempting to steal up to $US6.3 billion ($8.9 billion) in digital funds on the morning of October 30, 2026, according to ABC News. The true scale of the theft is still unclear, with approximately $US3 billion ($4.2 billion) in funds frozen at the time of reporting.
Binance confirmed to ABC News that it had been the victim of an attack and said hackers may have gained access to a staff member's laptop. The company said it had found no evidence of any wallet private key leak and told users their funds were completely safe. Binance, described as the world's largest crypto exchange, said it would cover all losses. According to crypto watchers cited by ABC, the funds were moved from several internet-connected "hot wallets" used for high-speed trading, affecting 30 to 40 tokens including Ethereum, Bitcoin, and stablecoins USDT and USDC. Binance said it had temporarily suspended deposits and withdrawals while security checks are completed, and that an investigation is underway in cooperation with law enforcement partners.
Nicholas Turnbull, a blockchain forensics expert and director of Crypto Consulting Australia, said the incident was "definitely the largest [crypto hack] to date" and that the full impact would not be known until the situation settled. He said the attack appeared sophisticated and pointed to the North Korean-linked Lazarus Group as a likely focus of investigation. The incident is significantly larger than the February 2025 theft of approximately $US1.5 billion from exchange ByBit, which was also attributed to Lazarus.
RMIT economics professor Chris Berg, who specialises in blockchain technology, said not all targeted funds would necessarily be successfully stolen, noting that stablecoin providers can freeze funds and that attackers must still withdraw through an exchange, which presents its own difficulty. Berg said the sector has been plagued by cybersecurity incidents and raised the question of whether AI-driven advances in hacking capabilities contributed to the attack, noting a recent series of vulnerabilities discovered in connection with frontier AI models.
Binance confirmed to ABC News that it had been the victim of an attack and said hackers may have gained access to a staff member's laptop. The company said it had found no evidence of any wallet private key leak and told users their funds were completely safe. Binance, described as the world's largest crypto exchange, said it would cover all losses. According to crypto watchers cited by ABC, the funds were moved from several internet-connected "hot wallets" used for high-speed trading, affecting 30 to 40 tokens including Ethereum, Bitcoin, and stablecoins USDT and USDC. Binance said it had temporarily suspended deposits and withdrawals while security checks are completed, and that an investigation is underway in cooperation with law enforcement partners.
Nicholas Turnbull, a blockchain forensics expert and director of Crypto Consulting Australia, said the incident was "definitely the largest [crypto hack] to date" and that the full impact would not be known until the situation settled. He said the attack appeared sophisticated and pointed to the North Korean-linked Lazarus Group as a likely focus of investigation. The incident is significantly larger than the February 2025 theft of approximately $US1.5 billion from exchange ByBit, which was also attributed to Lazarus.
RMIT economics professor Chris Berg, who specialises in blockchain technology, said not all targeted funds would necessarily be successfully stolen, noting that stablecoin providers can freeze funds and that attackers must still withdraw through an exchange, which presents its own difficulty. Berg said the sector has been plagued by cybersecurity incidents and raised the question of whether AI-driven advances in hacking capabilities contributed to the attack, noting a recent series of vulnerabilities discovered in connection with frontier AI models.
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