Binance, the world's largest crypto exchange, has reportedly suffered the largest crypto hack in history, with around $6.36 billion worth of crypto stolen.

The attack happened on October 29, when billions of dollars in crypto were transferred from Binance wallets across ten different blockchains. Most of the funds were moved within about 20 minutes.

According to blockchain analytics firm TRM Labs, the attack is linked to TraderTraitor, a North Korean hacking group also blamed for the $1.5 billion Bybit hack in 2025.

The attackers appear to have compromised Binance's hot-wallet signing infrastructure, allowing them to authorize transactions across multiple blockchains. On Ethereum, they also exploited a mechanism that let them take control of a wallet's behavior and repeatedly drain its funds.

But there's one important detail: around $2.7 billion worth of assets have reportedly been frozen by stablecoin issuers and Arbitrum's security team. The attackers have also been converting some of the stolen stablecoins into other cryptocurrencies to avoid having their funds frozen.

According to TRM Labs, the attackers still control around $2.4 billion in crypto that is beyond the reach of those freezing mechanisms.

Binance has said that user funds are safe, but the investigation is ongoing, and the exchange has yet to publish the root cause of the incident.

If these findings are confirmed, this would be a massive security failure, affecting wallets across ten different blockchains. It also shows how quickly billions of dollars can move in crypto—and how difficult it can be to recover stolen funds once they're converted into assets that can't simply be frozen.

I'm curious whether Binance can bounce back from such a massive crypto theft.

Furthermore, attacks like this reduce people's confidence in centralized exchanges and the crypto market as a whole. We can already see that both Bitcoin and Ethereum dropped by around 3% today.