Binance suffers largest hack in crypto history, promises to 'cover all losses'

Binance¹ has just confirmed² what seems to be a historic hack that drained the exchange of assets worth up to ~$5.8 billion³, from which around $3b was already frozen by Tether, Circle and others in the industry⁴:

We are working non-stop to resolve this issue. Binance will cover all losses. [..] As a precaution, all deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement. [..] Update: The current verified total frozen amount is around $3 billion. (Binance)

User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). (CZ)

The apparent attacker seemingly managed to trick the exchange into approving malicious transactions and drained multiple assets including USDT, RLUSD, wBETH and LINK. A possible connection to Tornado Cash is likely according to analysis by 0xQuit from Yuga Labs⁵.

Provided the numbers are accurate, this incident would surpass Bybit’s ~$1.5 billion record theft from 2025⁶ to become the largest single crypto hack of all time.

The total crypto market cap lost 4% at press time: Bitcoin lost the $80K level (trading around ~$77K), while Monero temporarily spiked to ~$645 and is currently holding above $600.

This is an ongoing story and the report will be updated when new information is available.