Recap: How Binance’s record $6.3B hack unfolded

October 31, 2026 Malcolm Knoll Crypto

Binance’s Record $6.3B Hack Recapped From Cointelegraph’s Live Coverage

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Recap: How Binance’s record $6.3B hack unfolded

Published: Oct 30, 2026

This recap summarizes Cointelegraph’s reporting on the Binance hack, updated with the exchange’s latest statements.

Hackers stole approximately $6.3 billion from Binance on Thursday, making it the largest cryptocurrency theft on record. Industry partners have frozen roughly $3 billion in affected assets, while customers await the reopening of withdrawals.

  • First unauthorized transfers observed at approximately 8:05 pm UTC Thursday: TRM Labs traced the transfers to Binance wallets across multiple blockchains, drained by hot wallets targeted by the attackers.

  • Attacker attributed to North Korea’s TraderTraitor group: TRM and the US Federal Bureau of Investigation (FBI) linked the group to the $1.5 billion Bybit theft in February 2025. Binance has not confirmed the attackers’ identity.

  • Binance’s response:

    • Reserved over $6.34 billion in company funds to cover losses, including $5 billion already held in affected tokens.

    • Buying remaining tokens through exchanges and over-the-counter deals.

    • A spokesperson confirmed $5 billion was in Binance’s custody but declined to disclose wallet addresses due to security concerns.

  • Frozen funds vs. recovered funds: The extent of recovered funds remains unclear.

  • Scrutiny on EIP-7702’s role: Ethereum’s EIP-7702 upgrade came under fire as attackers used it to drain a Binance wallet. Blockaid CEO Ido Ben-Natan suggested compromised signing systems enabled the theft.

  • Binance’s investigation: Found additional breaches beyond the initially suspected compromised laptop. No evidence of leaked wallet private keys. Expected to share further technical findings within 48 hours.

Chainalysis observed thousands of transactions in quick succession, potentially indicating automated activities related to the hack.

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