Crypto platform Binance confirms major hack, more than US$2.5 billion frozen
The scope of the heist was not immediately known.
On October 29, cryptocurrency platform Binance announced that it had suffered a significant hack resulting in over US$2.5 billion (S$3.2 billion) in funds being frozen to deter a major loss. As the world's largest crypto exchange by daily trading volumes, Binance posted contradictory messages on X indicating that user funds were secure while also agreeing to cover all losses.
The scale of the heist was unclear at first, but blockchain analytics firm Chainalysis estimated the stolen amount to be around US$5.912 billion at the time of the theft, nearly quadrupling the largest cyberattack previously recorded - the US$1.5 billion theft from Bybit in February 2025.
Shortly after the announcement at 12:30am GMT (8:30am Singapore time) on October 30, Binance suspended all deposits and withdrawals while its team conducted security checks, froze funds, and cooperated with law enforcement. The true extent of the losses may increase as the company works with various parties to trace and freeze additional assets. Former Binance chief Changpeng Zhao, who still holds a significant stake, estimated total losses could surpass US$1 billion.
Paolo Ardoino, CEO of stablecoin issuer Tether, said his firm froze approximately US$1.6 billion tied to the potential Binance exchange hack. Circle CEO Jeremy Allaire revealed that his company froze over US$800 million in USDC, both of which are stablecoins with values linked to the US dollar. The US Department of Justice and FBI have not yet responded to inquiries regarding the incident.
Prior to Binance confirming the attack, several industry observers suggested hackers had already gained access to the platform. Cryptocurrency prices plummeted on the news, with most major currencies, excluding stablecoins, experiencing declines. Bitcoin dropped nearly 5%, Ethereum fell 6%, and BNB, Binance's native token, dropped 10%. This hack occurs amid growing concerns about AI's potential impact on cryptography and IT security protocols.
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- Crypto platform Binance confirms major hack, more than US$2.5 billion frozen channelnewsasia.com
