Binance, the world's largest cryptocurrency exchange, has reported a theft of approximately $6.3 billion, making it the largest crypto heist on record. The company suspended deposits and withdrawals on Thursday (October 29) and stated it would cover all losses, assuring users that funds were “safe.”

US blockchain analysis firms TRM Labs and Chainalysis attributed the attack to TraderTraitor, a North Korean hacking unit linked to the Lazarus Group. Binance co-CEO Richard Teng, however, said the company's own investigation had not attributed responsibility to any individual. Binance said approximately $3 billion of the stolen funds had been frozen in total, including more than $2.3 billion by stablecoin issuers Tether and Circle. Binance warned that the $6.3 billion figure “may continue to increase” as it traces and freezes more assets.

Following the incident, Bitcoin fell to a six-week low of $76,368, while Ether dropped more than 3% to a two-month low of $2,178. Shares in crypto exchange Coinbase, which reported being unaffected, fell 4.8%.