Binance: $6.3 billion stolen in 20 minutes is a wake up call for cryptocurrency users

The cyberattack on crypto-asset exchange Binance is potentially the largest theft of its kind on record. Binance has estimated the assets stolen at an eye-watering US$6.3 billion (£4.7 billion).

On October 29, 2026, analytics firms reported that large amounts of crypto-assets had been moved from wallets used by the exchange across multiple blockchain networks – a digital system for recording transactions that is run collectively by its users. Most of the money was moved within a period of about 20 minutes.

In response, Binance temporarily suspended deposits and withdrawals telling users that it would cover losses using its emergency protection fund and corporate resources. Around US$3 billion of the affected assets was frozen by October 30, according to Binance. However, freezing funds is not the same as recovering them.

As of November 1, Binance says it has restored 95% of the stolen assets. But much of this has come from various funds held by the exchange, as well as its corporate treasury. It has now started to re-open withdrawals in phases. The exchange has promised to publish a full incident report once the investigation is completed.

Investigators say that indicators point to North Korea-linked cybercriminals. But attribution should remain provisional until the evidence is fully established. So how might the attackers have breached Binance?

The emerging explanation points primarily...

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