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Crypto Industry Seeks Security Fixes After $6.4 Billion Binance Hack

Crypto industry seeks security fixes after the $6.4 billion Binance hack, with leaders meeting at Hong Kong FinTech Week.

Updated 3 min read

Key points

  • Binance said hackers likely exploited an engineer's compromised laptop to make unauthorised withdrawals.
  • Over US$3 billion in stolen assets is still in the hands of alleged North Korean hackers.
  • Before Tether and Circle froze some stolen stablecoins, hackers converted around US$786 million to ETH, per Elliptic.

Why it matters. Industry figures say treating every endpoint as possibly compromised matters because stolen assets on public blockchains cannot be frozen the way stablecoins can.

Industry leaders at Hong Kong's FinTech Week are seeking crypto security fixes after the historic US$6.43 billion Binance heist. Binance said hackers likely exploited an engineer's compromised laptop to make unauthorised withdrawals, and over US$3 billion in stolen assets is still held by alleged North Korean hackers. Binance customers pulled US$3.64 billion when the exchange resumed operations on Sunday, while Fireblocks' Tim Way urged firms to treat every server as possibly compromised.

Latest updates

Crypto Industry Seeks Security Fixes After $6.4 Billion Binance Hack

Industry leaders at Hong Kong's Fintech Week are searching for solutions to crypto crime after the $6.4 billion hack of Binance. The South China Morning Post reports that more than $3 billion in stolen assets remains in the hands of alleged North Korean hackers. Speaking at the event, one executive argued that companies should treat every endpoint and server as potentially compromised. The hack has prompted calls for stronger security practices across exchanges and wallets. Recovery of the stolen funds and new security standards are likely to remain central issues for the industry.

South China Morning PostWikipedia: Binance

Binance Customers Withdraw $3.6 Billion After Crypto Hack

Binance customers withdrew $3.6 billion (£2.7 billion) of assets after a hack, according to BBC reporting citing Reuters. The exchange froze transactions following the incident. The breach has been linked to a North Korean group. The withdrawals show the scale of customer reaction to the attack. The source provided does not give further details on the amount stolen.

BBCBbcCNBCWikipedia: Binance

Crypto firm Binance covers 90% of losses after $6.3bn hack

The Federal Bureau of Investigation (FBI) says North Korea was responsible for the hack. Binance, the world's largest cryptocurrency exchange, says it has covered 90% of the $6.3bn (£4.7bn) assets stolen in a hack on Thursday. The remaining 10% may take longer to source in the required amounts, the company added. Binance has consistently pledged to cover 100% of the losses from what is suspected to be crypto's biggest hack on record and said it has set aside more than $6.34bn in company funds to do so. "Binance will absorb the financial impact of these stolen funds, not our users," the company said in a statement on Saturday. In an update on Sunday, Binance said withdrawals had been restored on several of its networks, after they were suspended following the hack. It previously said withdrawals would be resumed in phases. The Federal Bureau of Investigation (FBI) said on Saturday that North Korea was responsible for the attack. The FBI said it had observed hackers converting stolen assets into a type of cryptocurrency called Ethereum and that it is expected that the assets will then be converted again using decentralised finance and instant swap services. Two analytics firms previously told the BBC they had robust intelligence pointing to North Korean state-backed hacking unit the Lazarus Group, also known as TraderTraitor - which was specifically named by the FBI - as the like.

BbcWikipedia: Binance

FBI blames North Korea for record $6 billion Binance crypto theft

The FBI has blamed North Korea's state-sponsored hacking unit, TraderTraitor, for stealing about $6.3 billion in cryptocurrency from Binance, the world's largest crypto exchange. The October 29 attack is considered the largest cryptocurrency theft on record. The FBI says the stolen assets are being converted mainly into Ethereum, and it expects them to be laundered further through decentralized finance and instant swap services. Binance says it has covered about 90 percent of the losses using its own funds, including a user protection fund, an insurance fund and corporate reserves. The exchange has pledged to absorb the full financial impact so that users suffer no losses, and it has resumed bitcoin and Ethereum withdrawals. Investigators have linked the attack to earlier North Korean heists, including the 2025 Bybit hack worth $1.5 billion. Around $3 billion in the stolen assets has been frozen so far, and Binance's investigation into how the breach happened is continuing.

DW.comFox BusinessCBS NewsWSJThe Hacker NewsFinancial TimesThe GuardianAl JazeeraSky NewsEllipticThe HinduBinanceABC News & Headlines – Australian Broadcasting Corporation

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