Crypto platform Binance confirms major hack, more than US$2.5 billion frozen
The company posted a series of sometimes contradictory messages on X, insisting that "user funds are completely safe" but also saying it would "cover all losses".
New York - Cryptocurrency exchange Binance disclosed on Thursday that it suffered a significant hacking incident, freezing over US$2.5 billion in user funds. The platform, which dominates global crypto trading volumes, issued mixed messages on X, asserting user fund safety while pledging to cover losses.
Blockchain analytics firm Chainalysis estimated the stolen amount at approximately US$5.912 billion at the time of the theft, nearly quadrupling the largest-ever cyberattack in February 2025, which saw US$1.5 billion stolen from Bybit. The exact nature of the cyberattack remains unclear, and Binance offered no explanation.
Former Binance CEO Changpeng Zhao and Tether CEO Paolo Ardoino expressed concerns that total losses could exceed US$1 billion. Circle CEO Jeremy Allaire revealed that his stablecoin company had frozen over US$800 million in USDC.
The US Department of Justice and FBI have not yet commented on the matter. Cryptocurrency prices plummeted in the hours leading up to the confirmation of the hack, with Bitcoin down nearly 5%, Ethereum down six%, and BNB falling 10%.
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