Binance pledges to cover losses after US$6 billion crypto hack
Binance, the world’s largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet. At that scale, it would be the biggest crypto theft on record, surpassing the US$1.5 billion stolen from Dubai-based exchange Bybit in February 2025, a theft the FBI attributed to North Korea. Binance said in a post on X on…
Binance, the world's largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that drained around US$6.3 billion from its wallet, making it the biggest crypto theft on record. The exchange suspended all deposits and withdrawals while it conducts security checks, freezes funds, and works with law enforcement. Binance founder Changpeng Zhao expressed confidence that user funds would be fully covered and highlighted the security risks of centralized exchanges amid AI development.
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