The Binance hack of 29 October 2026 is now the single largest crypto theft in history. Binance said a security incident impacted about $6.3 billion in client assets, with around $3 billion frozen on-chain, marking the largest crypto hack on record. For millions of everyday crypto users, including a large and growing number in Pakistan who rely on Binance as their main exchange, this is a story that demands attention.
How the Binance Hack Happened
The entry point was surprisingly simple. Initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions, Binance said in an official update. A DevOps engineer is a technical staff member who manages the systems that keep a platform running. In short, one stolen or infected laptop may have opened the door to one of the biggest financial crimes ever committed.
An initial investigation linked the hack to a compromised laptop from one Binance engineer, and that access allowed an attacker to gain access to Binance’s systems to make withdrawals. Binance held roughly $144 billion in assets on its platform before the hack, according to DefiLlama data, which means the stolen amount was about 4% of total assets held.
Who is Behind the Binance Hack?
Multiple blockchain intelligence firms are pointing to North Korea. The $6.3 billion Binance attack appears to be linked to a North Korean state-sponsored hacking group, according to TRM Labs. Chainalysis went further. Chainalysis co-founder and CEO Jonathan Levin said the firm assessed that the Binance hack was likely carried out by TraderTraitor, citing links to previous attacks.
The attack has a clear pattern that matches previous state-sponsored heists. Several features of this attack match earlier North Korea-linked heists, including the Bybit hack and the KelpDAO hack in April 2026: small Tornado Cash withdrawals funding an operator wallet, staging that began well before the theft, and signatures obtained in advance then executed in one burst, Binance noted. North Korean hackers are known for their patience. They plan attacks for months, then execute them in a single fast burst. Representatives of North Korea have previously denied allegations of hacking crypto exchanges.
How Big Is This Compared to Past Crypto Thefts?
The Binance hacking dwarfs the previous record for a crypto theft, set in 2025 when North Korean state-backed Lazarus Group carried out a $1.5 billion heist on Bybit. Put simply, the Binance hack is more than four times larger than what was previously the worst crypto theft on record. Cybercriminals stole $2.87 billion in crypto assets in nearly 150 hacking incidents in 2025, according to the 2026 Crypto Crime Report produced by TRM, meaning this single attack alone is worth more than double everything stolen across all of last year.
What Did Binance Do After the Attack?
The world’s largest crypto exchange said it had suspended all deposits and withdrawals and that about $3 billion in funds had been frozen following the apparent hacking. Crypto firms stepped in to help limit the damage. Financial tech giant Circle froze about $800 million in Tether as it passed through its networks, while crypto giant Tether froze about $1.56 billion related to Binance’s hack.
Binance said it began recovering assets impacted by the breach after pledging to cover losses using its Secure Asset Fund for Users, or SAFU. SAFU is a reserve fund Binance set aside years ago precisely for emergencies like this. Binance said it expects withdrawals to resume in 48 hours, after its team completes a security revamp of the withdrawal service and its related addresses. Co-founder Yi He confirmed that deposits remained unaffected and continued to operate normally, while the exchange was working on enhancements to its withdrawal service and related address controls.
On whether Binance itself is at risk of collapse, analysts say no. “The most important takeaway for markets is that this does not currently appear to create meaningful solvency risk for Binance,” said Sean Farrell at Fundstrat Global Advisors.
What Happened to Crypto Prices?
Markets reacted sharply. The price of Bitcoin, the world’s most popular cryptocurrency, fell about 5 percent following the heist, dropping below $77,000. Ether, the second-largest cryptocurrency by market capitalization, dropped 4.4% to $2,229.50 while Binance’s native token, BNB, tumbled 6% to $701.18. For Pakistani investors who hold Bitcoin or BNB, this sudden price drop is a direct financial hit on top of the anxiety over whether their own funds are safe.
What Does This Mean for Pakistani Binance Users?
Binance is among the most widely used crypto platforms in Pakistan. Many Pakistanis use it to trade, receive freelance payments, and store digital savings. The good news is that Binance has promised to cover all losses from its SAFU reserve, and user funds are described as safe. However, the temporary suspension of withdrawals means that anyone who needed to move funds urgently faced delays.
This incident is also a reminder of the risks of keeping large amounts of crypto on a centralised exchange, no matter how big. Security experts recommend moving assets to a personal hardware wallet for long-term storage. For more on how Pakistan’s fintech and digital finance landscape is evolving, see our coverage of the Singapore-Pakistan fintech ties push from Islamabad talks.
The attack also puts pressure on regulators worldwide to update rules around exchange security. “Binance is one of the largest centralised exchanges, and so a blow to confidence in them risks shocking confidence to many retail investors, which could dampen prices of crypto assets,” said Sean Foley, a crypto markets expert at Macquarie University.
Frequently Asked Questions
Is my money on Binance safe after the hack?
Binance has stated that user funds are safe and that it will cover all losses from its Secure Asset Fund for Users (SAFU). About $3 billion of the stolen funds were frozen by blockchain partners. Deposits were not affected, and withdrawals were expected to resume within 48 hours of the incident.
Who carried out the Binance hack?
The $6.3 billion Binance attack appears to be linked to a North Korean state-sponsored hacking group, according to TRM Labs. Blockchain analytics firm Chainalysis specifically named the group TraderTraitor as the likely attacker. North Korea denies involvement in crypto hacks.
How did hackers get into Binance?
The hack originated from a compromised laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. The laptop belonged to a DevOps engineer at Binance. This shows that even the largest exchanges can be broken into through a single employee’s device.
Is this the biggest crypto hack ever?
Yes. At $6.3 billion, this is the largest crypto theft in history by a wide margin. It dwarfs the previous record, set in 2025 when North Korean state-backed Lazarus Group carried out a $1.5 billion heist on Bybit. It also exceeds the total value of all crypto stolen across all incidents in the entire year of 2025.
