Crypto exchanges call for urgent defense upgrades after $6.3 billion Binance heist
Cryptocurrency exchanges are moving quickly to tighten defenses and enhance collaboration following a record $6.3 billion hack on Binance.
Cryptocurrency exchanges are urging swift action to bolster defenses and tighten security following a massive $6.3 billion hack targeting Binance, according to reports by Reuters, the Financial Times, and Crypto Briefing. Industry observers emphasized that the historic heist underlines an urgent requirement for heightened security standards and cross-platform cooperation as digital assets integrate more deeply into mainstream finance, while likely triggering increased regulatory scrutiny.[12][15][4][6]
The exploit drained Binance's hot wallets on October 29 across multiple blockchains in a matter of minutes. Blockchain analytics firms TRM Labs and Chainalysis attributed the breach with high confidence to the North Korean state-linked cyber group TraderTraitor. Binance CEO Richard Teng reported that attackers bypassed standard withdrawal controls using Ethereum's EIP-7702 delegation and deployed self-destruct mechanisms to erase tools and traces, with initial findings also examining a compromised DevOps engineer's laptop.[7][5][2][8]
In the aftermath, rival exchanges and token issuers coordinated emergency measures. Coinbase CEO Brian Armstrong stated his team blocked transfers to compromised addresses and called for industrywide cooperation, while stablecoin issuers Tether and Circle moved to freeze billions in stolen assets, bringing the verified frozen total to roughly $3 billion. Binance leadership affirmed that user funds remain safe and that the exchange will fully cover losses using SAFU and corporate reserves as withdrawal services undergo rigorous rebuilding and testing.[11][14][7][3][10]
Key facts
- Crypto exchanges are calling for urgent moves to bolster defenses and tighten security following the heist at Binance.
- Binance estimated the total impact from the hot-wallet breach at approximately $6.3 billion.
- Stablecoin issuers and industry partners helped freeze roughly $3 billion worth of the stolen digital assets.
- Blockchain intelligence firms TRM Labs and Chainalysis attributed the heist with high confidence to the North Korean group TraderTraitor.
- Binance CEO Richard Teng stated attackers used EIP-7702 delegation to bypass normal hot-wallet approvals and used self-destruct mechanisms to erase evidence.
- Binance pledged that user funds are safe and confirmed it will cover all losses through its SAFU fund and company reserves.
Sources · 10 sources
- WI
Whale Insider@WhaleInsiderPost on X ·
JUST IN: Binance says $6,300,000,000 worth of cryptocurrency was impacted following major hack.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Binance Co-CEO: Attackers Used Self-Destruct Mechanisms, Making the Hack Harder to Trace Binance Co-CEO Richard Teng @_RichardTeng updated the investigation into the roughly $6.3 billion hack on October 30, saying multiple people were involved. Investigators initially suspected a compromised laptop but later found other entry points. Attackers used self-destruct mechanisms to erase tools and traces, complicating the investigation. Teng said they used EIP-7702 to gain on-chain execution authority over a hot wallet without passing Binance's normal approval controls. Binance paused withdrawals to rebuild and test its systems, targeting restoration within 40 hours. It is also working with law enforcement to trace and recover stolen funds.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Binance Co-CEO: Binance's Own Hot Wallet Was Compromised, Customer Funds Were Unaffected Binance Co-CEO Richard Teng @_RichardTeng addressed users on October 30 following a roughly $6.3 billion hack, stating that Binance's own hot wallet was compromised while customer funds remained unaffected. He explained that most user assets are stored in cold wallets and only moved to hot wallets for withdrawals. Teng said Binance would cover all losses using company funds, with over $6.34 billion reserved, including $5 billion already held in affected assets such as USDC, USDT, BTC, ETH, and BNB. Binance is purchasing the remaining tokens through open-market and OTC transactions. To address concerns about asset safety, Teng said Binance plans to release an initial Proof of Reserves for public verification on Monday.
Open source - CB
Crypto BriefingArticle ·
Crypto exchanges tighten security after $6.3 billion Binance hack The Binance hack underscores the urgent need for enhanced security and collaboration in the crypto industry as it integrates with mainstream finance. The post Crypto exchanges tighten security after $6.3 billion Binance hack appeared first on Crypto Briefing .
Open source - MN
Mario Nawfal@MarioNawfalPost on X ·
🚨🇰🇵 Who just pulled off the biggest crypto heist in history? Three blockchain-tracking firms say NORTH KOREA... Hackers reportedly got into Binance through one engineer's laptop and walked out with more than $6 billion, four times the old record, which was the $1.5 billion Bybit theft also pinned on Pyongyang. TRM Labs, Chainalysis and Singapore's Pangolin Intelligence all point to North Korea's elite hacking unit, Chainalysis with "high confidence." About $3 billion has been frozen, Binance says it will cover every customer, and the rest is already moving across blockchains toward the laundering networks that turn it into cash. US and South Korean officials say hacking is one of the regime's biggest sources of money, and $6 billion is several times what North Korea's entire economy reportedly produces in a year, landing in a country under total sanctions. If Trump still wants a summit with him in Shenzhen next month, Kim will be walking in with the biggest payday in his country's history already in the bank. Source: CNN, TRM Labs / Writer: Daniel
Open source - CB
Crypto BriefingArticle ·
Crypto exchanges urge swift security upgrades after $6B Binance breach The Binance breach highlights the urgent need for enhanced security in crypto exchanges, potentially leading to increased regulatory scrutiny. The post Crypto exchanges urge swift security upgrades after $6B Binance breach appeared first on Crypto Briefing .
Open source - UN
UnchainedArticle ·
Binance Pegs Hot-Wallet Losses at $6.3 Billion, Vows to Cover Them as TRM Points to North Korea Binance now estimates the total impact of Thursday’s drain of its hot wallets at about $6.3 billion , well above the roughly $3.5 billion Unchained counted on Ethereum alone . In a post on X early Friday UTC, the exchange said its initial investigation “suggests that the security incident may involve a compromised DevOps engineer’s laptop,” letting an attacker into a service container to push through unauthorized withdrawals. Binance said it found no sign of a wallet private key leak and would cover all losses from its SAFU fund and company funds. The exchange has not named an attacker and said it was working with law enforcement to identify those behind the theft. Binance co-CEO Richard Teng wrote that “the attacker did not simply use one engineer’s permissions.” Binance co-CEO Yi He said the exchange expected to start restoring withdrawals within 48 hours. At 10:55 UTC, Binance said it had begun recovering affected assets and had reserved more than $6.34 billion of company funds, $5 billion of it already held in the stolen tokens. Yi He added that Binance was buying “all the stolen altcoins in fully matching amounts.” Binance said user funds would be verified through its Proof of Reserves . Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . TRM Points to North Korea Blockchain analytics firm TRM Labs attributed the attack with high confidence to TraderTraitor , the North Korean group the FBI blamed for Bybit’s $1.5 billion loss in February 2025. By TRM’s count, roughly $6.36 billion left Binance-controlled addresses across 10 networks, the bulk of it in a 20-minute burst that began at 20:05 UTC on Oct. 29. TRM said the likeliest explanation is that the attacker could get Binance’s hot-wallet signing system to approve transfers on multiple chains, and noted at the time that Binance had not yet published a root cause. On-chain investigator ZachXBT said funds from Binance and from the $388 million Bitget exploit “were commingled at the same address” after moving through THORChain and that “the same actor is likely behind both incidents.” Frozen Funds TRM counted about $2.7 billion frozen as of 00:30 UTC Friday, mostly stablecoins locked by Tether, Circle, Ripple and World Liberty Financial. Binance later put it at about $3 billion. As of TRM’s 00:30 UTC snapshot, the attacker still held about $2.4 billion in ether and bitcoin that no issuer could freeze (more than 420,000 ETH and 18,270 BTC), along with smaller sums on other chains. *This article was updated at 11:07 UTC on Oct. 30 to add more details from Binance.* Related Listen: Why America’s New Cyber Privateers Can’t Go After North Korea The post Binance Pegs Hot-Wallet Losses at $6.3 Billion, Vows to Cover Them as TRM Points to North Korea appeared first on Unchained .
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
BREAKING: @Binance’s CEO @_RichardTeng says hackers used EIP-7702 delegation to seize control of a hot wallet, bypassing normal approval controls, and a “self-destruct mechanism” to destroy tools and traces during the attack. https://t.co/latA2Rxq8E
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Binance Says $6.3B Security Incident May Stem From Compromised DevOps Laptop, No Evidence of Private Key Leak Binance said its initial investigation suggests the security incident may have involved a compromised DevOps engineer's laptop, allowing the attacker to access a service container and submit unauthorized withdrawal transactions. The exchange said it has found no evidence that any wallet private keys were leaked. Binance estimates the total impact at approximately $6.3 billion, with around $3 billion in affected assets frozen on-chain. Deposits and withdrawals have been temporarily suspended, and the affected address authorization has been revoked. Binance said it will cover all losses through its SAFU fund and company funds, with a detailed technical post-mortem to follow.
Open source - *B
*Walter Bloomberg@DeItaonePost on X ·
BINANCE'S TENG ON HACK: ATTACKER ALSO USED A SELF-DESTRUCT MECHANISM THAT DESTROYED TOOLING AND TRACES AS THEY WENT BINANCE'S TENG: WE ARE REBUILDING THE WITHDRAWAL SERVICE, AND WE ARE NOT SWITCHING IT BACK ON UNTIL IT PASSES RIGOROUS TESTING
Open source - MN
Mario Nawfal@MarioNawfalPost on X ·
Binance says the verified total of frozen assets is now around $3B as Coinbase steps in to help Armstrong said his team is blocking sends to compromised wallets and has reached out to Binance. He called for the industry to work together and share information. Binance says it will cover all losses and user funds are safe. Deposits and withdrawals stay suspended while teams keep freezing more. Source: Chain Catcher / Writer: Lucas
Open source - RE
Reuters@ReutersPost on X ·
Crypto exchanges call for quick moves to bolster defenses after Binance heist https://t.co/yTGgfK67Tv
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
He Yi: Binance will cover all hacking losses, deposits and withdrawals are temporarily suspended Binance co-founder Yi He stated that user funds are safe. Binance will cover all hacking losses. Deposits and withdrawals have been temporarily suspended while the team conducts security checks, freezes funds, and works with law enforcement. A full post-mortem will be shared once the investigation is complete. Please rely only on official Binance channels for updates.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 UPDATE: Binance says the verified frozen amount from the hack has climbed to about $3B, up from $2.54B earlier. https://t.co/syg3KLCPC0
Open source - FT
Financial Times@FTPost on X ·
Crypto exchanges rush to tighten security after $6.3bn Binance heist https://t.co/551uDyKF4V
Open source