Binance Crypto Heist Becomes World's Biggest Hack Ever: How and Who Stole $6.3 Billion in 20 Minutes? What Should Affected Indian Users do?

The cryptocurrency industry has been rocked by one of the biggest financial thefts in history after Binance, the world's largest cryptocurrency exchange, grappled a cyberattack that rcaused a theft of approximately $6.3 billion in digital assets. The attack, which was held on October 29, 2026, has ignited massive concerns about cybersecurity and the safety of funds held by cryptocurrency exchanges.

According to blockchain intelligence firms, the incident could be the largest known theft of its kind, by trespassing the $1.5 billion cryptocurrency heist involving Dubai-based exchange Bybit in 2025. Binance has confirmed the security breach and stated that it will cover all confirmed losses using its company resources and user safety funds.

How Did Hackers Steal $6.3 Billion?

Binance's initial investigation hinted that hackers may have secured access through a compromised laptop belonging to a DevOps engineer. This reportedly enabled the attackers to enter a service container and conduct unauthorised withdrawal transactions.

However, investigators believe the breach engaged more than one compromised device. The attackers allegedly then accessed  Binance's internal transaction-signing infrastructure, which authorises cryptocurrency transfers.

Notably, the incident does not appear to have engaged directly stealing users' private keys. Instead, hackers reportedly exploited the exchange's own systems to authorise transactions and transfer funds into accounts under their governance.

Blockchain records also signal that most of the theft unfolded within approximately 20 minutes, although suspicious behaviour persisted later on.

Who is Behind the Binance Crypto Heist?

Investigators and blockchain intelligence companies have hinted towards TraderTraitor, a hacking group linked to North Korea, as a potential suspect.

Firms including TRM Labs, Chainalysis and Elliptic have flagged similarities between this attack and previous cyber operations linked to North Korean hackers. However, Binance and law enforcement authorities have not formally confirmed the know-how of suspects.

Previously, North Korean-related hacking groups have been accused of stealing billions of dollars in cryptocurrency, with investigations stating that some proceeds help finance the country's activities.

How Much Stolen Binance Cryptocurrency Has Been Recovered?

Following the attack, Binance coordinated with blockchain intelligence firms, cryptocurrency issuers and law enforcement agencies to detect and freeze stolen assets.

Around $3 billion worth of cryptocurrency has reportedly been frozen, thus limiting hackers' ability to use or convert those funds. However, frozen assets do not naturally mean that the money has been recovered or returned.

Are Binance Users' Funds Safe?

Binance has confirmed customers that user funds remain safe and that it will cover all final losses. The exchange temporarily disbanded deposits and withdrawals while executing security behaviour.

What should affected Indian crypto users do?

For affected Indian customers, the instant priority should be fostering evidence and reporting suspicious transactions. Ghosh cautioned customers to sustain account statements, transaction histories, KYC records, and communications, and to file written complaints through the exchange's formal support channels.