Binance Hit by Suspicious Multi-Billion Dollar Hack Billions of dollars in crypto were drained from the hot wallets belonging to Binance, the world's largest crypto exchange, on Thursday evening. According to on-chain followers, roughly $2.5 to $3.3 billion in ETH, stablecoins and more than 60 other tokens left two Binance hot Ethereum wallets in less than an hour, landing at a newly created address that didn't exist before Thursday. Some analysts estimate the total flow across all networks at $5.6 billion, although this figure is unverified. Etherscan has since tagged the recipient address as "Binance Hot Wallet Exploiter", and the attackers' wallet was reportedly funded through a Tornado Cash mixer the day before. Binance itself has not confirmed the breach, saying only that its security teams are investigating and that no impact on user funds has been confirmed. Founder and former CEO Changfeng Zhao was more direct, writing in X that "it looks like Binance has indeed been hacked," while insisting that users' funds are safe. According to him, as a shareholder he expects all losses to be fully covered. Stablecoin issuers have moved quickly. Kishir CEO Paolo Arduino said the company has frozen more than $1.5 billion in USDT, and the circuit has frozen about $823 million in USDC linked to the wallets suspected of the attackers. Bitcoin, Ether and BNB are all down on the news. If confirmed, it would be the biggest crypto heist in history, dwarfing the $1.5 billion Baybit hack in 2025.

Binance Hit by Suspicious Multi-Billion Dollar Hack Billions of dollars in crypto were drained from the hot wallets belonging to Binance, the world's largest crypto exchange, on Thursday evening. According to on-chain followers, roughly $2.5 to $3.3 billion in ETH, stablecoins and more than 60 other tokens left two Binance hot Ethereum wallets in less than an hour, landing at a newly created address that didn't exist before Thursday. Some analysts estimate the total flow across all networks at $5.6 billion, although this figure is unverified. Etherscan has since tagged the recipient address as "Binance Hot Wallet Exploiter", and the attackers' wallet was reportedly funded through a Tornado Cash mixer the day before. Binance itself has not confirmed the breach, saying only that its security teams are investigating and that no impact on user funds has been confirmed. Founder and former CEO Changfeng Zhao was more direct, writing in X that "it looks like Binance has indeed been hacked," while insisting that users' funds are safe. According to him, as a shareholder he expects all losses to be fully covered. Stablecoin issuers have moved quickly. Kishir CEO Paolo Arduino said the company has frozen more than $1.5 billion in USDT, and the circuit has frozen about $823 million in USDC linked to the wallets suspected of the attackers. Bitcoin, Ether and BNB are all down on the news. If confirmed, it would be the biggest crypto heist in history, dwarfing the $1.5 billion Baybit hack in 2025.