Binance Hit by Possibly the Biggest Hack in Crypto History

Binance, a leading cryptocurrency exchange, is under investigation following a suspected hack that led to the outflow of approximately $5.7 billion from wallets associated with the platform on the Ethereum, Bitcoin, and TRON networks, according to The Kobeissi Letter. The stolen funds include $1.45 billion worth of Bitcoin and $875 million worth of Ether.

If verified, this incident would be the largest crypto heist in history, surpassing the $1.5 billion theft from Bybit in February 2025. Binance has not officially confirmed the total amount stolen. Co-founder Yi He acknowledged awareness of reports concerning a potential security breach and emphasized that the exchange's security teams are examining the situation urgently.

Binance's founder, Changpeng Zhao, stated that the activity appears to be a hack on Binance itself and assured users that their funds are secure, expecting full reimbursement. The exchange temporarily halted deposits and withdrawals while conducting its investigation. Around $2.54 billion in assets linked to the incident have been frozen, with the figure expected to rise as the funds are traced.

Tether froze over 1.567 billion USDT, and Circle froze more than 800 million USDC. According to blockchain tracker Arkham Intelligence, approximately $5.8 billion is held across wallets associated with the attacker, although this amount is not a confirmed loss figure. Binance has a presence in Pakistan, where it recently received an NOC to initiate the registration process.