{
  "id": 17213907,
  "title": "Explainer: Gone in 20 minutes, how the biggest heist in crypto history unfolded",
  "url": "https://urgent.news/2026/10/30/explainer-gone-in-20-minutes-how-the-biggest-heist-in-crypto-history",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T10:43:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/explainer-gone-in-20-minutes-how-the-biggest-heist-in-crypto-history-unfolded"
  },
  "original_language": "en",
  "account": "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.\n\nBinance 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.\n\nThe 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.\n\nSome 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.\n\nThe 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.",
  "summary": "Binance said losses will be covered by its US$1 billion secure asset fund and company resources.",
  "key_points": [
    "Hackers stole $6.3 billion from Binance in 20 minutes on Oct 29",
    "Attackers breached Binance's signing infrastructure to empty wallets",
    "Major stablecoins like USDT and USDC helped limit funds conversion"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "CNA - Business",
        "title": "Gone in 20 minutes: How the biggest heist in crypto history unfolded",
        "url": "https://urgent.news/2026/10/30/gone-in-20-minutes-how-the-biggest-heist-in-crypto-history-unfolded",
        "published": "2026-10-30T12:18:13.000Z"
      },
      {
        "outlet": "New Scientist",
        "title": "How did the biggest crypto heist in history just happen?",
        "url": "https://urgent.news/2026/10/30/how-did-the-biggest-crypto-heist-in-history-just-happen",
        "published": "2026-10-30T12:40:12.000Z"
      },
      {
        "outlet": "WSJ Markets",
        "title": "How Binance Is Scrambling to Cover Losses in the Biggest Heist in Crypto History",
        "url": "https://urgent.news/2026/10/30/how-binance-is-scrambling-to-cover-losses-in-the-biggest-heist-in",
        "published": "2026-10-30T13:07:00.000Z"
      },
      {
        "outlet": "France 24",
        "title": "How the record-breaking $6.3 billion heist in crypto history unfolded",
        "url": "https://urgent.news/2026/10/30/how-the-record-breaking-6-3-billion-heist-in-crypto-history-unfolded",
        "published": "2026-10-30T13:52:44.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}