Binance, the world’s largest cryptocurrency exchange, has said it will cover losses after hackers stole about $6.3 billion, an attack analysts describe as possibly the largest theft of its kind.

What Happened

Most of the theft took place over about 20 minutes late on Thursday. Binance said the attackers manipulated a system used to approve transactions, which let them move funds out of an internet-connected hot wallet without the usual approvals. Co-CEO Richard Teng described a complex attack involving a compromised laptop and malicious software designed to erase evidence of the intrusion. Blockchain analysts said the attackers ordered wallets to empty into wallets they controlled, similar to a 2025 attack on the exchange Bybit that the FBI linked to North Korea.

Response and Investigation

Binance said customer funds are safe and that it is working with partners to freeze the stolen assets. It is also working with the FBI and the US Secret Service. The FBI said it is engaged with public and private partners to assess the scope of the activity. North Korea routinely denies involvement in cyber theft.

Market and Industry Impact

Cryptocurrency prices fell after the news, although the losses were contained. Bitcoin touched a six-week low of $76,368, and ether fell more than 3 per cent to a two-month low of $2,178 before recovering some ground. Binance’s BNB token fell 6.74 per cent over 24 hours. Analysts warn that the breach could make investors reassess the safety of assets held on centralised exchanges. Binance has 335 million registered users worldwide.

This summary is based on a Reuters report of 2 November 2026. Figures and attributions reflect the reporting at the time and may change as the investigation continues.