Crypto platform Binance confirms major hack, more than US$2.5b frozen
NEW YORK, Oct 30 — Cryptocurrency platform Binance said today it had fallen victim to a major hack and indicated t...
Cryptocurrency exchange Binance announced it had been hacked, with more than US$2.5 billion in funds frozen to prevent a large-scale theft. The world's largest crypto exchange by daily trading volumes posted mixed messages on X, stating "user funds are completely safe" yet promising to "cover all losses." The extent of the breach remains unclear, but blockchain analysis firm Chainalysis estimates the stolen amount to be around US$5.912 billion at the time of the theft.
This would surpass the previous largest cyberattack on Bybit platform in February 2025, where hackers stole US$1.5 billion. After announcing the incident, Binance temporarily suspended all deposits and withdrawals as it conducts security checks, freezes funds, and collaborates with law enforcement and partners to trace and freeze additional assets.
Current estimates suggest the total losses may surpass US$1 billion. Former Binance CEO Changpeng Zhao admitted that the total losses could be higher than initially reported. Tether CEO Paolo Ardoino said his firm froze US$1.6 billion related to the potential hack, while Circle's Jeremy Allaire mentioned freezing over US$800 million in USDC.
Both USDT and USDC are stablecoins, digital currencies linked to the US dollar. The US Department of Justice and FBI have not yet commented on the matter. The attack occurred amid growing concerns that advanced artificial intelligence models could undermine cryptography and IT security protocols.
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