Binance probes possible $5.7 billion crypto hack, possibly the biggest in history
Summary
Binance is investigating a suspected cyberattack after analysts estimated that between $1.7 billion and $5.7 billion in cryptocurrency may have been taken. The exchange said user funds are safe, while it and other platforms restricted withdrawals or froze more than $1 billion in crypto; Binance has not confirmed the attack’s scale or who was responsible.Key Facts
- Binance co-founder Changpeng Zhao said the exchange appeared to have been hacked; he is no longer a company executive.
- Analysts and traders estimated that the suspected theft involved between $1.7 billion and $5.7 billion.
- Binance said its security teams were urgently reviewing relevant information.
- Zhao and a Binance spokesperson said user funds are safe.
- Binance limited withdrawals, and Tether and Circle froze more than $1 billion in cryptocurrency, according to Zhao.
- If the largest estimates are confirmed, the incident would exceed the approximately $1.5 billion crypto theft from Bybit in 2025.
- Polymarket said it faced a separate cyberattack, paused trading for an hour, and reported at least $2.7 million in user funds taken.
- Binance had not confirmed the suspected theft’s total value or identified who was behind it.
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