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Losses estimated at up to $6.3bn in what analysts call the largest crypto theft on record
The National
October 30, 2026
- Bitcoin fell 4.5% to $76,664 by 6am UAE time after Binance, the world's largest crypto exchange, disclosed a breach affecting an estimated $6.3bn in assets.
- Prices partly recovered by 7.51am UAE time, with bitcoin at $77,984 (down 2.2% over 24 hours), ether down 3.2% and BNB down 3.9%, according to CoinGecko.
- About $3bn has been frozen, Binance says it will cover all losses, and blockchain analysts have linked the attack to a North Korean hacking group.
- More than $1.5bn in leveraged crypto positions were liquidated in 24 hours as the hack intensified market-wide selling.
Cryptocurrency prices fell sharply after Binance, the world’s largest crypto exchange, disclosed a security breach that it estimates affected about $6.3 billion in assets.
Bitcoin dropped 4.5 per cent in 24 hours to $76,664 by 6am UAE time on Friday, according to crypto news website The Block. Ether fell 5.2 per cent to $2,190, while BNB, the token linked to Binance, slid 7.1 per cent to $698.65.
Prices recovered some ground later in the morning. At 7.51am UAE time, bitcoin was trading at $77,984, down 2.2 per cent over 24 hours, according to data platform CoinGecko. Ether was down 3.2 per cent at $2,230 and BNB 3.9 per cent lower at $716.69.
More than $1.5 billion of leveraged positions were liquidated in 24 hours, most of them bets on rising prices, The Block reported, citing CoinGlass data.
“The Binance exploit has intensified market-wide selling, with BNB facing the greatest exposure,” Dominick John of Zeus Research told The Block.
Blockchain analytics firm Chainalysis estimated the theft at about $5.9 billion at the time it happened, crypto news website CoinDesk reported. TRM Labs linked the attack with “high confidence” to TraderTraitor, a North Korean hacking group.
About $3 billion has been frozen, including more than $2.3 billion in stablecoins. Binance co-chief executive Yi He said the exchange would cover all losses. Deposits and withdrawals remain suspended.
Rick Maeda of Laevitas told The Block that BNB’s fall was “quite modest for possibly the largest exchange theft ever”. He cited Binance’s $144 billion in assets under custody and the speed with which stablecoin issuers froze funds.
Separately, prediction market Polymarket briefly halted trading on Thursday after users reported unauthorised withdrawals linked to a compromised third-party provider. There is no evidence the two incidents are related.
Updated:
October 30, 2026, 4:00 AM
Source: The National
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