What smart people are saying about the Binance hack that siphoned away $6 billion in crypto

More than $6 billion in cryptocurrency was stolen from Binance on Thursday.
Some cybersecurity researchers suspect North Korea was behind it.
Binance said user funds were "safe" and that the company could cover any losses.

After hackers stole more than $6 billion in cryptocurrency from the exchange platform Binance on Thursday, crypto executives are racing to help the company while blockchain researchers examine the damage and assign blame.

Binance initially said one engineer's compromised laptop was the gateway to the attack, but the company later revised its assessment, saying the attack was broader in scope. Crypto stocks tumbled on Friday as a result.

In a video posted to X on Friday, Richard Teng, the co-CEO of Binance, said the attacker employed a "self-destruct mechanism" to hide their tracks, making Binance's investigation more difficult.

A Binance spokesperson said the company is working with law enforcement and would share a "detailed technical postmortem once the investigation is complete."

Here's what smart people are saying about the Binance breach.

Tom Robinson, cofounder of Elliptic

Tom Robinson, cofounder and chief scientist at Elliptic, a blockchain intelligence firm, called the plunder "almost certainly the single largest known theft of any kind."

It blew past what he described as the previous largest heist, when Saddam Hussein stole $1 billion from the central bank of Iraq in 2003.

In an analysis posted to the company's website on Friday, Robinson said his firm identified signs pointing to a North Korean-affiliated group as the culprits.

"Very few actors could coordinate an attack across 11 blockchains in around three hours," Robinson wrote. "Most of the largest exchange and bridge hacks of recent years have been attributed to DPRK-linked actors."

Robinson said the hackers converted about $786 million in stolen funds into coins that are more difficult to trace before much of the plunder was frozen.

Brian Armstrong, CEO of Coinbase

WASHINGTON, DC - AUGUST 19: Brian Armstrong, co-founder and chief executive officer of Coinbase Global Inc., during a meeting with US President Donald Trump, not pictured, and crypto and prediction market executives in the Roosevelt Room of the White House on Aug. 19, 2026 in Washington, DC. (Photo by Al Drago/Getty Images)

Brian Armstrong, a cofounder and CEO of Coinbase, another crypto exchange platform, said on X that his company has reached out to Binance to offer assistance.

"Our team is doing everything we can to support in the current situation, including blocking sends to compromised wallets," Armstrong said.

Armstrong said the moment calls for cooperation among rival crypto platforms.

"Crypto has been through many tough times, and has always come out stronger on the other side," he said. "This won't be any different."

Changpeng Zhao, former Binance CEO

Changpeng Zhao, co-founder of Binance Holdings Ltd., during the Bitcoin Asia conference in Hong Kong, China, on Thursday, Aug. 27, 2026. The conference runs through August 28. Photographer: Chan Long Hei/Bloomberg via Getty Images

Changpeng Zhao, the founder of Binance and its former CEO, who remains a primary stakeholder, said on X on Friday that "token recovery has already begun."

Zhao said he appreciated support from Binance partners around the world, including in Thailand. In a later X exchange, he got into a dust-up with Elon Musk after the latter posted a cheeky emoji.

"Elon, have a lot of respect for you, but bad time to troll. Please stop," Zhao said. "Would appreciate if you show a little support."

Jony Levin, CEO of Chainalysis

Jony Levin, the CEO of Chainalysis, a blockchain data firm, said on X that the attack carries hallmarks of infiltration by North Korean hacker groups.

"DPRK are up to their old tricks," Levin said on X. "Industry partners have already frozen ~$3B and we @chainalysis continue to follow all of the funds."

In a report published on Friday, the Chainalysis team said the North Korean group in question, called TraderTraitor, has repeatedly targeted crypto exchanges to "raise funds for the regime."

Chainalysis said it was able to link the Binance breach to TraderTraitor because funds stolen from Binance were observed "commingling" with funds stolen in an earlier attack.

"That direct on-chain link strengthened our assessment that TraderTraitor carried out the Binance hack," Chainalysis said in their report.

Anthony Scaramucci

Anthony Scaramucci, the onetime White House communications director and now a crypto investor, took to X on Friday to laud what he described as quick, effective communication between blockchain companies after the hack.

"In the aftermath of the largest incident in crypto history, Binance's response is what industry leadership looks like," Scaramucci said.

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