Binance temporarily suspended withdrawals after a security breach, the company said in an update on Friday, Oct. 30. Blockchain security company TRM Labs estimated $6.36 billion in digital currencies was stolen on Thursday, Oct. 29, with most of the cryptocurrency taken in about 20 minutes.
TRM Labs said it had "high confidence" that TraderTraitor was behind the cyberattack. The hacking group backed by North Korea was responsible for stealing $1.5 billion from rival cryptocurrency exchange Bybit in February 2025.
The stolen funds included Bitcoin and other digital currencies taken from Binance accounts across 10 different networks. The hackers began preparing for the attack at least 36 hours before the theft, according to TRM Labs.
Binance said its initial investigation suggests a hacker may have accessed its systems through a compromised employee laptop and made unauthorized withdrawals.
"We have found no evidence of any wallet private key leak," Binance said. "We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified."
Several major cryptocurrency companies helped freeze nearly $3 billion, according to TRM Labs. The companies that blocked stolen funds from being moved included Tether, Circle, Ripple, and Trump-backed World Liberty Financial.
The hackers still controlled about $2.4 billion in digital assets that could not be frozen by the companies involved. Binance promised to cover all losses using its Secure Asset Fund for Users and company money.
Withdrawals were temporarily suspended while Binance completed additional security checks. The company clarified that deposits remained unaffected and continued operating normally.
Binance is the world's largest cryptocurrency exchange, allowing people to buy, sell, and store digital currencies like Bitcoin. Customers also use the platform to hold their investments, similar to how people keep money in bank accounts.
The company has faced previous legal troubles in the US. Binance pleaded guilty to violating anti-money-laundering laws in 2023 and agreed to pay $4.3 billion in penalties, The New York Times reported.
Changpeng Zhao, who founded Binance in 2017, served four months in federal prison before President Donald Trump pardoned him in October 2025. Binance has ties to World Liberty Financial, which is facing a new lawsuit accusing Trump and his family of "corruptly profiting" from cryptocurrency deals and foreign money.
In a statement to CNN, the FBI said it's "aware of the incident and is engaged with relevant public and private partners to understand the scope of the activity, evaluate potential impacts, and coordinate appropriate investigative steps."
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