Storyline · business · 14 reports from 10 newsrooms

Binance suffers record $6.3bn crypto hack

First reported Oct 29, 6:27 PM ET · Latest Nov 1, 8:15 PM ET · Explainer updated Nov 1, 8:30 PM ET

▶ Relay Explains this story

Why it was in the Relay Update: Reported independently by 3 newsrooms, less than an hour old when it aired, picked for the Top Stories desk.

Where things stand

Binance users pulled $3.6 billion from the platform after the exchange froze transactions following a massive security breach, BBC News reports.

Relay Note

Binance has resumed withdrawals, and the company confirms the theft involved about $6.3 billion in cryptocurrency, according to one newsroom. Earlier reports described the hack as the largest ever, with figures ranging from over $6 billion to $6.3 billion stolen, and noted that Binance was attempting to freeze the assets and planned to reopen the exchange within a few days. The exchange’s chief, Changpeng Zhao, said users’ funds were safe, while other reports said users saw as much as $5.7 billion drained and that at least $1.7 billion may have been taken by the hackers.

Investigators have not confirmed who carried out the attack, how the hackers bypassed Binance’s security, which wallets were targeted, or how much of the stolen crypto can be recovered. The ultimate destination of the assets and the long‑term impact on user confidence and market stability also remain unclear.

Written by AI only from this story's record below, and checked line by line against it. Updated .

Continuum

The living record of this story: every fact with its status and source, updated as reporting comes in. Version 6, updated . Earlier versions

Facts

What the reporting says

Each fact is matched to the exact words of the report it comes from, and checked that those words really say it. Open one to see the source.

  • Reported The FBI says North Korea was behind a $6.3 billion Binance heist. Is this wrong?
    Source
    • “FBI says North Korea was behind $6.3 billion Binance heist” — PBS NewsHour
  • Reported The Binance heist is described as the biggest crypto hack in history. Is this wrong?
    Source
  • Disputed The same actors were behind a $1.5 billion Bybit hack last year. Is this wrong?
    Source
    • “the same actors behind a $1.5 billion Bybit hack last year” — PBS NewsHour
  • Reported Binance restarted withdrawals. Is this wrong?
    Source
  • Reported The theft involved $6.3 billion. Is this wrong?
    Source
  • Reported hackers stole over $6 billion worth of cryptocurrency from Binance. Is this wrong?
    Source
    • “ More than $6 billion worth of cryptocurrencies were stolen from Binance, the world's biggest crypto exchange.” — NPR
    • “More than $6 billion worth of cryptocurrencies were stolen from Binance, the world's biggest crypto exchange.” — NPR
  • Reported Binance is the world's biggest crypto exchange. Is this wrong?
    Source
    • “ Binance, the world's biggest crypto exchange.” — NPR
    • “Binance, the world's biggest crypto exchange.” — NPR
  • Reported it is the biggest cyber heist ever. Is this wrong?
    Source
    • “ It's the biggest cyber heist ever — and many suspect North Korea may be behind it.” — NPR
    • “It's the biggest cyber heist ever — and many suspect North Korea may be behind it.” — NPR
  • Reported Hackers stole $6.3 billion from Binance. Is this wrong?
    Source
    • “Hackers steal $6.3 billion from Binance” — Ars Technica
  • Reported Binance is attempting to freeze billions of dollars after the hack. Is this wrong?
    Source
  • Reported Binance plans to reopen the exchange within a couple of days after the hack. Is this wrong?
    Source
    • “Binance has vowed to get the exchange back up within a couple of days” — MarketWatch
  • Disputed The hack is believed to be the largest-ever, amounting to $6.3 billion. Is this wrong?
    Source

Where the reporting disagrees

Newsrooms give different answers and nothing has settled it yet. Relay shows both, with the original links, until a later report or an official source does.

Bybit hack amount

$6.3 billion

The hack is believed to be the largest-ever, amounting to $6.3 billion.

MarketWatch
$1.5 billion

The same actors were behind a $1.5 billion Bybit hack last year.

PBS NewsHour

How to read the labels: Reported: one newsroom · Corroborated: two or more independent newsrooms · Confirmed: backed by a primary source such as an official release or filing · Disputed: newsrooms disagree · Updated: replaced by a newer figure. This story as data for AI assistants and developers.

Timeline

What changed: The exchange has now resumed withdrawals, having replaced roughly 95 % of the stolen assets, according to the Wall Street Journal.

How this story developed

  1. New The FBI says North Korea was behind a $6.3 billion Binance heist. The Binance heist is described as the biggest crypto hack in history.
  2. Reports differ Reports differ on Bybit hack amount: PBS NewsHour says $1.5 billion; MarketWatch says $6.3 billion
  3. New Binance restarted withdrawals. The theft involved $6.3 billion.
  4. Answered How the hackers accessed the funds and the precise total amount stolen remain unclear. — hackers stole over $6 billion worth of cryptocurrency from Binance.
  5. New hackers stole over $6 billion worth of cryptocurrency from Binance. Binance is the world's biggest crypto exchange. it is the biggest cyber heist ever.
  6. New Hackers stole $6.3 billion from Binance. Binance is attempting to freeze billions of dollars after the hack.
  7. New Binance plans to reopen the exchange within a couple of days after the hack. The hack is believed to be the largest-ever, amounting to $6.3 billion.
  8. New Binance is investigating a possible crypto hack. Users saw upwards of $5.7 billion drained from wallets. Changpeng Zhao said Binance users’ funds were safe. Hackers appeared to have made off with at least $1.7 billion.

Every report, newest first

  1. Binance users withdraw $3.6bn after record crypto hack — BBC News

    The exchange froze transactions in the wake of the incident, which impacted $6.3bn worth of digital assets.

  2. Binance Resumes Withdrawals After Suffering Biggest-Ever Crypto Hack — Wall Street Journal

    The exchange says it has replaced roughly 95% of the stolen assets thus far.

  3. FBI says North Korea was behind $6.3 billion Binance heist, the biggest crypto hack in history — PBS NewsHour

    The bureau said in a statement that the attack was tied to "malicious cyber activity" by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.

  4. Binance restarts withdrawals after $6.3bn heist — Al Jazeera

    The FBI says hackers from North Korea are responsible for the theft.

  5. A simple explainer of the massive $6.3 billion crypto heist at Binance — NPR

    Here are five things to know about the massive hack of the crypto exchange Binance — from how it happened to what it means for the sector.

  6. Behind the Scenes of Crypto’s Biggest Nightmare: a Record-Breaking Cyber Heist — Wall Street Journal

    Binance’s founder Changpeng Zhao had warned a week earlier that “No crypto wallet is 100% safe.” In 20 minutes, hackers had made off with $6.4 billion.

  7. Hackers steal over $6 billion from crypto exchange Binance in staggering heist — NPR

    More than $6 billion worth of cryptocurrencies were stolen from Binance, the world's biggest crypto exchange. It's the biggest cyber heist ever — and many suspect North Korea may be behind it.

  8. Binance's $6.3bn crypto hack biggest in history — BBC News

    Cryptocurrency giant Binance said on Thursday that $6.3bn (£4.7bn) of digital assets have been impacted by what is thought to be the biggest crypto hack on record.

  9. Hackers steal $6.3 billion from Binance in record crypto heist — Ars Technica

    Binance scrambles to freeze billions after record-breaking hack linked to North Korea.

  10. How big a deal is the $6.3bn crypto heist, who did it, and are investments safe? — The Guardian

    The theft from Binance could be the biggest theft of any kind in history. We answer some key questions North Korean group blamed for $6.3bn crypto heist Tell us: have you been affected? The world’s largest cryptocurrency exchange has been hit by a $6.3bn…

  11. Binance hackers stole $6.3 billion in record-breaking crypto heist — The Verge

    Binance has disclosed that $6.3 billion worth of crypto funds have been stolen from the platform, in what's believed to be the biggest cryptocurrency hack on record. In a series of updates posted to X, the crypto exchange said that user funds are safe, and…

  12. Here’s when Binance plans to reopen after what’s believed to be the largest-ever $6.3 billion hack — MarketWatch

    Binance has vowed to get the exchange back up within a couple of days after a record $6.3 billion heist, which has rattled the industry and investors.

  13. Binance probes possible $5.7 billion crypto hack, possibly the biggest in history — Axios

    Crypto exchange Binance is investigating what could be the biggest crypto hack in history as users saw upwards of $5.7 billion in funds drained from wallets Thursday afternoon. Why it matters : The suspected hack comes after a wave of high-profile…

  14. Binance Founder Says Exchange May Be Victim of Biggest-Ever Crypto Heist — Wall Street Journal

    Changpeng Zhao said Binance users’ funds were safe. But hackers appeared to have made off with at least $1.7 billion—and possibly more, analysts said.

Questions

  • It remains unclear whether the remaining 5 % of the stolen assets will be recovered and what specific security measures Binance will implement to prevent future attacks. Open
  • How much of the stolen cryptocurrency can be recovered and what specific methods the hackers used remain unclear. Open
  • It remains unclear how much of the stolen cryptocurrency can be recovered and what long‑term impact the breach will have on user confidence and market stability. Open
  • Investigators have not confirmed who carried out the attack or how the stolen cryptocurrency will be recovered. Open
  • Investigators have not confirmed who carried out the attack or how the hackers bypassed Binance’s security measures. Open
  • Investigators have not confirmed who carried out the attack, though North Korean groups are being suspected, and the ultimate destination of the stolen assets remains unclear. Open
  • It remains unclear how much of the stolen crypto can be recovered, which specific wallets were targeted, and the full extent of any additional losses beyond the $6.3 bn figure. Open
  • It remains unclear how much of the stolen crypto can be recovered, what specific vulnerabilities were exploited, and whether additional funds may still be at risk. Open
  • It remains unclear how much of the stolen crypto can be recovered, what exact methods the hackers used, and whether the North Korean attribution will be definitively proven. Open
  • Details about how the attackers breached Binance’s systems, the exact composition of the stolen assets, and the likelihood of recovery have not been clarified. Open
  • It remains unclear how the attackers gained access, which specific wallets were targeted, and whether any of the stolen funds can be recovered. Open
  • How the hackers accessed the funds and the precise total amount stolen remain unclear. Answered by NPR: hackers stole over $6 billion worth of cryptocurrency from Binance.

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More: background

Hackers accessed Binance’s wallets and moved about $6.3 billion worth of digital assets in a matter of minutes, making it the largest crypto theft on record. The FBI has linked the attack to a North Korean group known as TraderTraitor, which was also tied to a previous $1.5 billion hack of Bybit. Binance halted withdrawals after the breach and later restarted them as it worked to recover the lost funds.

How this works: stories from different newsrooms are grouped by topic, then AI writes the explainer using only those reports. It may miss context the reports don't include.