Crypto platform Binance confirms major hack with more than $2.5bn frozen
Cryptocurrency platform Binance said on Thursday it had fallen victim to a major hack and indicated that more than $2.5 billion (€2.3bn) in funds had been frozen in an effort to prevent a massive theft.
Crypto exchange Binance, the world's largest by daily trading volumes, announced a significant hack resulting in over $2.5 billion in frozen assets. The company posted mixed messages on X, stating that user funds were safe while also committing to cover all losses. Initial estimates from blockchain analytics firm Chainalysis suggested the stolen amount could reach $5.912 billion.
This incident surpasses the previous largest cyberattack in history, which saw $1.5 billion stolen from Bybit in February 2025. Following the hack, Binance temporarily suspended all deposits and withdrawals, freezing funds and initiating security checks with law enforcement and industry partners. Former Binance chief Changpeng Zhao and Tether CEO Paolo Ardoino estimated total losses to be higher than $1 billion, while Circle's Jeremy Allaire reported freezing over $800 million in USDC.
Cryptocurrency prices initially dropped after the news, with Bitcoin losing 5%, Ethereum falling 6%, and BNB decreasing 10%. However, stablecoins remained stable as they are pegged to the US dollar. The hack occurred amidst growing concerns about AI's potential impact on cybersecurity.
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