Explainer: Gone in 20 minutes, how the biggest heist in crypto history unfolded

On Oct 29, hackers managed to steal an astonishing US$6.3 billion (S$8 billion) from Binance, the world's largest cryptocurrency exchange. The theft occurred within a mere 20 minutes, with the majority of the stolen funds moving out of Binance's wallets shortly after 2000 GMT on that day.

Binance initially suspected a compromised laptop as the point of breach, but subsequent investigation revealed additional points of entry. The exchange operates a secure fund worth US$1 billion to protect users in case of a security breach. Co-chief executive Richard Teng confirmed that the losses would be covered by this fund and other company resources.

The attackers gained access to Binance's "signing infrastructure", which authorises transactions, enabling them to issue instructions that emptied the affected wallets. Major stablecoins like Tether's USDT and Circle's USDC, which have remote freezing capabilities, played a significant role in limiting the attackers' ability to convert the stolen assets into cash.

Some of the stolen funds have been frozen by issuers including Tether, Circle, Ripple, and World Liberty Financial. However, this does not guarantee that the funds will be returned to Binance. Market participants believe that the attackers will likely mix the stolen coins with other assets or use lesser-known coins and exchanges to move the proceeds.

The incident is the latest in a series of major digital asset breaches, with attackers stealing US$2.9 billion in 2025 alone. The Binance theft has also shaken confidence in the sector, causing cryptocurrencies to fall and the total market value of stablecoins to decline.