Estimated $5.7 Billion Stolen in Hack of World’s Largest Exchange Binance

Binance, the world’s largest cryptocurrency exchange, is investigating a security incident that analysts estimate drained as much as $5.7 billion or more in assets from wallets on Thursday. Binance has put the estimated total impact at around $6.3 billion and said it will cover all losses. The exchange suspended deposits and withdrawals while security teams investigated. Co-founder Yi He stated that user funds are safe and that Binance will cover hacking losses. Former CEO Changpeng Zhao also described the activity as appearing to be a hack. Binance’s initial findings suggest the incident may have involved a compromised DevOps engineer’s laptop that allowed an attacker to access a system and submit unauthorized withdrawal transactions. The company said it found no evidence of a wallet private key leak. Scale and Response On-chain tracking showed large transfers of Bitcoin, Ethereum, USDT, and other assets from Binance-linked wallets. Estimates of the amount moved have ranged from roughly $5.7 billion in early reports to Binance’s $6.3 billion figure. Tether, Circle, and other partners have frozen approximately $3 billion of the affected assets so far. The incident is widely described as potentially the largest cryptocurrency theft on record, surpassing previous large heists such as the 2025 Bybit incident linked to North Korean actors. Some blockchain intelligence firms have attributed the attack with high confidence to a North Korean hacking unit. Binance has engaged law enforcement and blockchain partners to trace and recover funds. The exchange stated that it is working with partners to secure infrastructure and that the amount of frozen assets may continue to increase. Market and Industry Impact Cryptocurrency markets reacted to the reports. The event has drawn attention to exchange security practices, hot-wallet management, and the risks of large centralized platforms. Binance’s proof-of-reserves data from earlier in the month showed the affected wallets were among those backing customer balances, though the company has maintained that user funds remain safe and that it will make users whole from its own resources, including its Secure Asset Fund for Users. The incident follows a period of elevated cybersecurity activity in the broader technology sector. Recovery of frozen assets and the final accounting of losses will depend on the ongoing investigation and cooperation with stablecoin issuers and law enforcement. What to Watch Binance’s full technical post-mortem and final confirmed loss figure. Progress on freezing and recovering the remaining assets. When deposits and withdrawals resume. Any official attribution or law-enforcement updates. Market reaction and any longer-term effects on exchange trust or regulatory scrutiny. Updates to Binance’s proof-of-reserves or security practices. Binance is investigating a major security incident with estimated losses of $5.7 billion to $6.3 billion, the largest potential cryptocurrency heist on record. The exchange has suspended deposits and withdrawals, stated that user funds are safe, and pledged to cover all losses while partners have frozen roughly $3 billion in assets.