Binance reports $6.3 billion loss in major crypto hack

Binance disclosed a security breach on October 30 that resulted in unauthorized withdrawals totaling approximately $6.3 billion. The cryptocurrency exchange stated that its initial investigation points to an attacker gaining entry through a compromised laptop belonging to a DevOps engineer. That access allowed the intruder to execute unauthorized withdrawal transactions.

The company noted that a subsequent probe identified additional points of breach, though it did not specify their locations. Binance described the incident as a complex attack and said it is coordinating with law enforcement partners to identify those responsible. The exchange promised to publish a detailed technical post-mortem once the investigation is complete and all facts are verified.

Binance has frozen roughly $3 billion in affected assets on-chain with the help of blockchain partners. To secure the remaining funds, the company stated it will cover all losses using its Special Asset Fund for Users and internal company funds. The exchange assured customers that their funds are safe and pledged to release an updated Proof of Reserves after remediation is finished.

As a precaution, Binance temporarily suspended all deposits and withdrawals while security checks are underway. The company said its teams are working around the clock to resolve the issue safely and thoroughly. No specific deadline for the resumption of normal operations was provided in the initial statement.

The statement emphasized that the firm is still gathering facts and will share more information directly as it becomes available. Law enforcement agencies are currently engaged in the process of bringing those responsible to justice. The incident marks one of the largest single financial impacts reported by a major exchange in recent years.