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Binance freezes funds after a suspected $6.3bn hack, the biggest in crypto's history, and says it will cover all losses

Binance, the world's biggest crypto exchange, said on Thursday that about $6.3bn (£4.7bn) of digital assets were affected by what may be the largest hack on record. It says about half has been frozen and that it will cover all losses; early checks point to a compromised engineer's laptop. Analysis firm TRM Labs is reported as saying the attackers may be from North Korea, which has not been confirmed.

L 51% · C 21% · R 28% · 29 outlets

Left 0 · Centre-left 15 · Centre 6 · Centre-right 4 · Right 4

ContextSources by leanVideoDeep diveFollow the moneyMore coverage

How each side framed it

Left-leaning outlets

Scale of the theft: 'Binance says $6.3bn stolen in biggest crypto heist in history' (Al Jazeera); 'Crypto's Biggest Heist' (Bloomberg).

Centre outlets

Centre-rated outlets headline it: “Crypto giant Binance hit by $6.3bn hack suspected to be largest in history” (BBC News); “Crypto industry suffers 'largest bank heist in human history' as billions stolen in Binance hack” (Sky News).

Right-leaning outlets

Market disruption and caution: 'Binance Suspends Transactions After It Is Targeted in Biggest-Ever Cyber Heist' (Wall Street Journal); 'hit by suspected hack' (The Telegraph).

Context

The wider geopolitical and historical background, in our words, each point linked to the source it comes from. Background, not a verdict on today's story. How we write it.

Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao.

  • Binance was founded in 2017 and became the largest crypto exchange by trading volume. Binance Changpeng Zhao
  • Before this, large crypto thefts included the 2022 Ronin bridge hack and the 2025 Bybit hack, both attributed by the FBI to North Korea's Lazarus Group. Lazarus Group Bybit

Checked 2026-10-30. Links were opened and returned a page that day.

Search for more (live results, not checked by us): Wikipedia search · Explainers (Google News search) · Background and history (Google News search)

Sources by lean

Balanced: the same number of articles from the left, the centre and the right (up to 3 each). The bar above still counts every rated outlet we found. Bias and factual ratings come from Media Bias/Fact Check. How we balance · All ratings.

Left 3

Centre 3

Right 3

Showing 3 from each side of 29 rated outlets (L 15 / C 6 / R 8). More coverage

Video

News reports from outlets with a bias rating, balanced like the articles: the same number from the left, the centre and the right. A side with no matching video is named, never padded. Every video was checked to exist on YouTube on the day; titles are the publishers' own. Links open YouTube; nothing from YouTube loads on this page. How we pick.

Left 0

No left-rated outlet video found for this story. We don't fill the gap with an unrelated video.

Centre 0

No centre-rated outlet video found for this story. We don't fill the gap with an unrelated video.

Right 0

No right-rated outlet video found for this story. We don't fill the gap with an unrelated video.

No rated outlet video found yet.

YouTube searches (live results, not checked or balanced by us): News videos · Explainers · Podcasts

Deep dive

The two opposites side by side, seeking to understand rather than judge. These are possible readings of the coverage, built from the articles linked on this page; they are not claims about anyone's motives. How we write it.

Seen from the left

“Binance says $6.3bn stolen in biggest crypto heist in history” Al Jazeera

A possible reading: lightly regulated exchanges hold huge sums of ordinary people's money and need public rules.

May be protecting: ordinary users exposed by lightly regulated finance.

Seen from the right

“Crypto giant Binance falls victim to $6.3-BILLION heist as North Korea is suspected of being behind biggest hack in history” Daily Mail

A possible reading: the firm is covering losses itself, which shows private markets can absorb a shock without bailouts.

May be protecting: confidence in markets and firms' duty to fix their own failures.

What they agree on

Binance says about $6.3bn of assets were affected, about half has been frozen and it will cover all losses. Everyone wants customers repaid and the attackers traced.

Where they truly differ

How much was actually stolen and who did it are not yet confirmed.

The paradox

An industry built to need no trusted middleman relies on one exchange's promise to repay.

Open questions

  • How did the attackers get access, and what controls failed?
  • Who audits whether Binance can cover all losses?
  • Shared question: what security standard should any exchange holding customers' money have to meet?

Follow the money

Not yet researched. We haven't yet looked at who gains or loses financially from this story, or who funds the main voices on each side. When we do, we check company filings, the Electoral Commission donations register, lobbying registers, annual reports, InfluenceMap and OpenSecrets, and we apply the same checks to every side. How we follow the money.

Who owns or funds the outlets covering this story (28 outlets)
OutletLeanOwnership & funding (MBFC)
Al JazeeraCentre-leftAl Jazeera is owned and funded by the state of Qatar. The founder and Chairman of the Board is Sheikh Hamad bin Thamer Al Thani, a member of Qatar’s ruling family, the House of Thani. According to a Fortune article, i n 2016, state-funded broadcaster Al Jazeera laid off 500 workers due to Qatar’s financial troubles resulting from low global prices for oil and natural gas. source
AxiosCentre-leftCox Enterprises, a significant media conglomerate in the U.S, primarily own Axios. The outlet generates revenue primarily through advertising, native content, and sponsored newsletters. Unlike some outlets, Axios does not rely on subscription fees, allowing its content to remain widely accessible. source
BloombergCentre-leftMichael R. Bloomberg is the founder and majority owner of Bloomberg LP (The parent company of Bloomberg News). According to Investopedia, Bloomberg Terminal (remote software used to access financial information) is the most expensive among financial data providers. source
CNBCCentre-leftCNBC is owned by NBC Universal, which Comcast owns. Comcast’s Chairman and Chief Executive Officer (CEO) is Brian L. Roberts, founded by his father, Ralph J. source
Daily MirrorCentre-leftBritish Publishing Company Reach plc (formerly Trinity Mirror) owns The Daily Mirror. Revenue is generated through digital advertising, print ads, and subscription fees. source
Deutsche WelleCentre-leftThe German government funds Deutsche Welle (DW). They state, “DW is financed via funding from the state – i.e., from tax revenue. This is in contrast to the domestic public channels, which are funded via broadcasting fees.” source
EuronewsCentre-leftEuronews is owned by Alpac Capital, a Portugal-based investment fund that acquired an 88% stake in July 2022, with the remaining 12% held by government-supported broadcasters from Europe, Africa, and the Middle East. Ownership also has business ties with Hungary’s Viktor Orban. source
NBC NewsCentre-leftNo ownership data found
New York TimesCentre-leftThe Ochs-Sulzberger family controls the New York Times through Class B shares. Since 1967, the company has been listed on the New York Stock Exchange under the symbol NYT. Class B shares are those that are held privately. source
The GuardianCentre-leftThe Guardian and its companion publication, the Sunday newspaper The Observer, are owned by Guardian Media Group plc (GMG). Scott Trust Limited was created in 1936 to ensure the editorial independence of the publications and owns Guardian Media Group plc (GMG). source
The IndependentCentre-leftThe Independent is owned by Independent Print Limited, a company owned by the Lebedev family (Alexander Lebedev and his son Evgeny Lebedev). In 2017, Saudi Businessman Sultan Muhammad Abuljadayel bought a 30% stake in the Independent online newspaper. Advertising and subscription generate revenue for the paper..push({}); source
USA TodayCentre-leftUSA Today is owned by the Gannett Company, headquartered in McLean, Virginia. It is one of the largest newspaper publishers in the United States, with interests in newspapers, digital marketing services companies, and television broadcasting. Subscriptions and advertising generate revenue. source
Washington PostCentre-leftIn 2013, Amazon CEO Jeff Bezos bought The Washington Post for $250 million. Bezos is a frequent target of Trump, who has accused the businessman of using the Postal System as its “ Delivery Boy. ” The newspaper’s executive editor, Martin Baron, said Jeff Bezos, who founded Amazon, is not involved in its news coverage. source
Ynet NewsCentre-leftYedioth Ahronoth owns Ynetnews. Advertising derives revenue. source
BBC NewsCentreThe BBC operates under a Royal Charter. Oversight is managed by the BBC Board, and regulatory authority rests with Ofcom. source
Financial TimesCentreThe Financial Times is owned by The Nikkei, a Japanese news and financial information company that publishes the leading financial paper, The Nikkei. The FT generates revenue through subscriptions, a hard paywall, and advertising..push({}); source
France 24CentreFrance 24 is owned by France Médias Monde, a state-owned French holding company that supervises and coordinates the activities of the major public media organizations broadcasting or publishing internationally from France. Besides government funding, they also generate revenue through advertising. source
ReutersCentreIn April 2008, the British company Reuters Group was acquired by Thomson Corporation and formed Thomson Reuters. source
Sky NewsCentreSky News is owned by Comcast as of November 2018 and is funded through advertising. Rupert Murdoch is no longer affiliated with Sky News UK; however, Newscorp still has a share of Sky News Australia, which reports with a right-leaning bias. source
The HillCentreIn 2021, The Hill was purchased by Nexstar, which owns around 200 TV stations and media outlets nationwide. The founder, chairman, president, and CEO of Nexstar is Perry A. Sook. source
New York PostCentre-rightThe New York Post is owned by Rupert Murdoch’s News Corp, which owns many conservative/sensational media outlets worldwide. The paper is funded through advertising, subscriptions, and newsstand sales. source
The TimesCentre-rightThe Times and Sunday Times is owned by News UK (News Corp UK & Ireland Limited), which American News Corp owns. The owner and Executive Chairman of News Corp are Rupert Murdoch. Revenue is derived from advertising and subscription fees. source
Wall Street JournalCentre-rightIn 2007, The Bancroft family and relatives sold the Wall Street Journal to Rupert Murdoch for 5 billion dollars. Rupert Murdoch also purchased its parent company, Dow Jones & Co., through News Corporation. Subscriptions and advertising fund the Wall Street Journal. source
Washington TimesCentre-rightOperations Holdings Inc is the Washington Times owner, owned by the Unification Church of South Korea, through their holding company HSA-UWC (Holy Spirit Association for the Unification of World Christianity). In 1954, Reverend Sun Myung Moon founded this religious movement in South Korea, known for its mass weddings, and its members are referred to as “Moonies.” source
Daily MailRightThe Daily Mail is published by Associated Newspapers Limited, part of Daily Mail and General Trust (DMGT). DMGT is controlled by the Rothermere family and is 100% owned by Rothermere Continuation Limited. Jonathan Harmsworth, 4th Viscount Rothermere, serves as Chairman..push({}); DMGT became privately owned after delisting from the London Stock Exchange in 2022. source
GB NewsRightGB News lacks transparency as they do not disclose ownership. A search reveals that London-based ALL Perspectives Ltd owns GB News. According to Reuters, the television channel “secured millions of dollars from investors such as Discovery Inc, Legatum and hedge fund manager Paul Marshall. source
NewsmaxRightNewsmax is owned by publicly traded Newsmax Inc., which began trading on the New York Stock Exchange under the ticker symbol NMAX on March 31, 2025. The company completed a $75 million public offering after previously raising approximately $225 million through a preferred-stock offering. source
The TelegraphRightTelegraph Media Group (TMG) owns The Telegraph, which is owned by Press Acquisitions Ltd., which in turn is owned by Sir David and Sir Frederick Barclay. In 2004, Twin Brothers Sir David and Sir Frederick Barclay acquired the Daily Telegraph and the Sunday Telegraph from the Canadian media company Hollinger Inc. for £665 million. For a complete list of Board members, see here. source