Live stream hosted by Fernando Molina on the Territorio Blockchain channel.
On Thursday, October 29, the largest theft in cryptocurrency history took place: $6.3 billion left Binance in just twenty minutes, a figure four times larger than the attack suffered by Bybit. In this video, Fernando Molina reviews for Territorio Blockchain how the attackers got in, who is being blamed and what the consequences are for anyone who keeps funds on an exchange.
What is known about the Binance hack
According to Binance itself, the incident began with an employee’s laptop. From there, the attackers managed to move an unprecedented amount of funds in a very short span of time, making the episode the largest theft recorded to date in the crypto sector.
The video also devotes a section to explaining what a hot wallet is: the type of internet-connected wallet that exchanges use to process withdrawals and transactions in real time and which, precisely because it is online, concentrates much of the operational risk of a centralised platform.
North Korea in the spotlight
Blockchain analytics firm TRM Labs points to North Korea as the source of the attack. Groups linked to the North Korean regime have for years been identified by researchers and international agencies as responsible for some of the largest thefts from cryptocurrency platforms, usually through social engineering targeting employees.
$3 billion frozen by Tether, Circle and other issuers
A significant part of the loot did not vanish: stablecoin issuers such as Tether and Circle, among others, froze around $3 billion. It is the visible face of a recurring debate: the ability of centralised issuers to block funds serves both to stop attackers and as a reminder that these assets are not neutral.
What it means for those with funds on an exchange
Molina analyses the impact of the episode on the market and what it means for the everyday user, with custody as the backdrop: who really controls the keys to the funds deposited on a platform. The video also includes a review of the points that, in his view, still do not quite add up in the known version of events.
The sources cited are TRM Labs, Binance’s statements on X, AFP, Al Jazeera and Cointelegraph, with data as of October 30, 2026.
Frequently asked questions
How much was stolen in the Binance attack?
$6.3 billion in about twenty minutes, four times the amount of the Bybit hack.
Has anything been recovered?
Tether, Circle and other issuers froze around $3 billion.
What is a hot wallet?
An internet-connected wallet that exchanges use to operate quickly and which, because of that permanent connection, is more exposed to attacks.
This content is for informational purposes only and does not constitute financial advice.
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