Cryptocurrency exchange Binance has been hit by a cyber attack resulting in an estimated $6.3 billion loss, according to reports from The New York Times. If confirmed, this would surpass the previous record of a $1.5 billion hack on Bybit last year.

Binance stated that it has frozen approximately $3 billion in affected assets on-chain and will cover all losses using funds from its Secure Asset Fund for Users (SAFU). The company suspended withdrawals temporarily for a security revamp but confirmed that deposits remain operational.

Major stablecoin issuers Tether and Circle reported freezing $1.5 billion and $800 million in funds associated with the attack, respectively. Binance founder Changpeng Zhao expressed confidence that all user funds would be fully covered despite his prior legal history.

Initial investigations suggest the breach began with a compromised DevOps engineer's laptop, which allowed attackers to access service containers and submit unauthorized withdrawal transactions. Security research firm TRM Labs attributed the attack to TraderTraitor, North Korea's elite hacking unit, citing high-confidence intelligence.

The incident has raised concerns about asset safety on centralized exchanges. Industry analysts warn the breach could dampen risk appetite and prompt investors to reassess solvency and liquidity risks within the sector.