Binance is a company. It runs one of the biggest crypto exchanges in the world. A crypto exchange is a place where people buy and sell digital money.
On Tuesday, November 3, Binance co-CEO Richard Teng spoke to CNBC. He explained how hackers stole about $6.3 billion from Binance. It was not one small mistake. It was a plan that took many months.
What Happened
On October 29, hackers stole about $6.34 billion in crypto from Binance. Crypto means digital money, like Bitcoin. This was the biggest crypto theft ever.
Binance says it has now replaced 98% of the affected tokens with its own money. Tokens are small units of digital money. Binance also says no customer will lose money because of the hack.
About $3 billion of the stolen money has been frozen. Frozen means it cannot be moved or spent. Binance worked with other companies, like Tether, Circle, and Ripple, to freeze it. Some stolen money is still moving, so the work is not done.
How the Hackers Got In
The plan started in June. Hackers made a fake version of a tool that coders use. A coder is a person who writes computer programs. An engineer at Binance downloaded the fake tool by mistake. Binance found this and replaced the computer. But the hackers already had a way in.
In September, the hackers pretended to be job recruiters. They talked to another Binance engineer through fake job interviews. A recruiter is a person who hires people for jobs. During the fake interviews, they gave the engineer a coding test. That test had hidden bad software in it. The bad software hid from Binance’s safety tools.
On October 20, the hackers used the engineer’s computer and one of Binance’s own AI tools to reach two more engineers’ computers. AI means artificial intelligence. It is a computer system that can learn and do tasks.
Then, on October 29, they used stolen passwords to take the crypto. Binance says this was a months-long campaign. A campaign is a plan made of many steps over a long time.
Why It Happened
The hackers did not break down one door. They tricked people, step by step. First a fake tool. Then fake job interviews. Then stolen passwords. Each step gave them a little more access.
The FBI says the hackers are linked to North Korea. Teng did not blame North Korea himself. But he said the FBI has linked the attack to a North Korean group called TraderTraitor.
Why It Matters
This hack shook trust in crypto exchanges. Many people keep their digital money on exchanges. If an exchange can be robbed, people worry about their money.
Binance is one of the biggest exchanges. So when it gets hit, the whole crypto market feels it. Bitcoin fell sharply after the hack. Later, Binance reopened withdrawals, and some calm came back.
What Happens Next
Binance says it has rebuilt the wallet system and the AI tool that were attacked. A wallet system is the part that stores and moves crypto. It also replaced the affected computers and changed the passwords.
Binance will bring in an outside expert to check its work. It is also working with police and other companies to find and freeze the rest of the stolen money.
The big question now is trust. Can Binance show people that their money is safe there? The next weeks will tell.
Final Thoughts
This story is a warning. Hackers do not always break in with force. Sometimes they trick people with a fake job or a fake download. One small click can open a big door.
For regular people, the lesson is simple. Be careful with job offers from strangers. Be careful with downloads from the internet. And never share your passwords.
Key Figures
- About $6.34 billion in crypto stolen on October 29
- About $3 billion frozen so far
- 98% of affected tokens replaced by Binance from its own money
- 57 suspected North Korea-linked attempts blocked by Binance in 2026
Disclaimer: This article is for educational and informational purposes only and does not constitute financial advice.
Sources: CNBC, https://www.cnbc.com/2026/11/03/binance-co-ceo-teng-says-hackers-used-fake-job-interviews-to-steal-6point3-billion-in-crypto.html ; CoinDesk, https://www.coindesk.com/business/2026/11/03/binance-s-usd6-3-billion-hack-began-with-a-fake-job-interview-exchange-says
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