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Binance hit by biggest hack ever 👨‍💻

Binance hit by biggest hack ever 👨‍💻

The exchange says it will cover every dollar, as analysts blame North Korea and about $3 billion of the stolen funds is frozen.

Stephen Graves
October 30, 2026

📝 What you need to know

Binance has been hit by the largest hack in crypto history, with some $6.4 billion drained from its hot wallets on Thursday afternoon. Tether and Circle moved fast to freeze stolen stablecoins, but the attacker raced them, swapping freezable tokens for unfreezable ETH on Uniswap and borrowing against USDT on Aave.

Binance first blamed a compromised engineer’s laptop, then found “additional points of breach,” while TRM Labs and Chainalysis tied the theft to TraderTraitor, the North Korean group behind last year’s $1.5 billion Bybit hack. About $3 billion has been frozen so far. CEO Richard Teng says Binance has set aside $6.34 billion of its own money to cover the losses, and aims to reopen withdrawals by Sunday.

It wasn’t the only bit of bad news for crypto holders, with Trezor disclosing that it had received a credible report of a hardware implant in a Safe 5 wallet bought from reseller CryptoBilis—of a similar type to the one behind the hack that saw $86 million drained from rival manufacturer Ledger’s devices.

Binance Finds 'Additional Points of Breach' in $6.3B Hack

CEO Richard Teng said the attack was "not a single 'one-click' action," as Binance confirmed about $3 billion has been frozen.

📰 In the News

Binance Sets Aside $6.34B to Cover Hack Losses, CEO Says 'Your Assets Are Safe'

Richard Teng said the attacker used a self-destruct mechanism and an EIP-7702 delegation that bypassed Binance's normal approval controls.

TRM and Chainalysis Tie $6.4B Binance Hack to North Korea's TraderTraitor

Both firms blame the group behind the Bybit hack, as Binance says it has set aside $6.34 billion of its own funds to cover user losses.

Trezor Warns CryptoBilis Buyers After Report of Hardware Implant in Safe 5

The hardware wallet manufacturer has yet to examine the device, but is treating the report as credible and told buyers to move their funds.

Bitcoin (BTC)

October 30, 2026

$77,194

▼ 5.4% (24h)

View live price

📊 Myriad Insight of the Day

Myriad prediction market

October 30, 2026

Ethereum's next move: Pump to $3,000 or dump to $1,500?

Resolves when ETH closes a 1-minute candle at either target

$3,000 49%

$1,500 51%

Why it matters

The dump to $1,500 is narrowly favored, at 51%, for the first time since August. Pump odds sat near 65% until Thursday's record $6.4 billion Binance hack, which analysts tied to North Korea and which used an Ethereum wallet feature, EIP-7702, to drain a hot wallet. ETH fell 5.9% over 24 hours to $2,241. It's now about 34% from $3,000 and 33% from $1,500.

Trade on Myriad

🕵🏻‍♀️ Editor’s Picks

Elon Musk, CZ Trade Blows Over SpaceX Shares After $6.4B Binance Hack

After Elon Musk appeared to mock Binance’s $6.4 billion hack, CZ reminded him that the exchange holds over $1 billion in SpaceX shares.

Israel Extradites Alleged Nomad Bridge Exploiter to US Over $2.8M Theft: Report

Israel's Supreme Court ruled that exploiting a coding flaw can count as computer intrusion, even when the software allowed the transaction.

Crypto Spends $176 Million on Midterms, But Only 13% of Voters See It as a Priority

The crypto industry is spending heavily on next week’s midterm elections. Voters aren’t putting it near the top of their lists.

📚 Watch & Learn

📹 WATCH: Binance Hack Rocks Crypto - The Fallout Plus SimpleFarmer on Robinhood Chain

🎓 LEARN: What is EIP-7702? The Ethereum Upgrade Behind the $6.4B Binance Hack

EIP-7702 lets ordinary Ethereum wallets run smart contract code, enabling batched and sponsored transactions. Here's how it works.

🎓 LEARN: What Is Strategy (MSTR)? The Bitcoin Treasury Company

Strategy’s co-founder Michael Saylor pioneered the Bitcoin treasury playbook. Here’s what you need to know.

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