Binance probes possible $5.7 billion crypto hack, possibly the biggest in history

Binance probes what may be biggest crypto hack in history

*
* Newsletters
*
* Axios Pro
* Axios Live
* The Axios Show

Axios

Axios

Updated 1 hour ago - Technology

Binance probes what may be biggest-ever crypto hack

* Sam Sabin

*
*
*

Add Axios on Google

Add Axios as your preferred source to

see more of our stories on Google.

Add Axios on Google

!A man holds a microphone with a Bitcoin logo on it and waves his arm as he speaks

*Changpeng Zhao, co-founder of Binance, during the Bitcoin Asia conference in August. Photo: Chan Long Hei/Bloomberg via Getty Images*

Crypto exchange Binance is investigating what could be the biggest crypto hack in history as users saw upwards of $5.7 billion in funds drained from wallets Thursday afternoon.

**Why it matters**: The suspected hack comes after a wave of high-profile cyberattacks and data breaches during so-called "Black October," when a series of hacks and AI\-discovered bugs triggered fears of a global crisis.

**Driving the news:** Binance co-founder Yi He said on X that the crypto exchange had suspended deposits and withdrawals after a hack. "User funds are safe," she wrote. "Binance will cover all hacking losses."

* Analysts and traders who follow the crypto markets closely estimate that $1.7 billion to $5.7 billion was taken during the suspected cyberattack.

* "This is unprecedented," said Kevin March, a co-founder of JPEG Trading, a cryptocurrency trading firm that closely tracked the hack to monitor market conditions.

**Zoom in**: Platforms including Tether and Circle froze more than $1 billion in cryptocurrencies, according to Binance co-founder Changpeng "CZ" Zhao, who is no longer an executive at the exchange. Such a step that would limit the scope of customer losses.

* A Binance spokesperson said the exchange's security teams are "reviewing all relevant information with urgency."

**The big picture:** If estimates hold up, the suspected Binance hack would be the biggest crypto attack in history.

* In 2025, North Korea-linked hackers stole about $1.5 billion worth of crypto from the Bybit exchange.
* The country has turned hacking and scams into an industrial-scale scourge, focusing on crypto heists and a widespread practice of tricking Western companies into hiring North Korean workers.

**Between the lines**: Crypto is a relatively common hacking target, but massive attacks can leave smaller exchanges vulnerable to collapse due to the potential for panicked withdrawals.

* Binance's size makes it more insulated, March said. "If this happened to any other business in crypto other than Binance, it would've been catastrophic."
* The exchange is capable of covering potential losses through its insurance and balance sheet, he said, although broad reverberations in crypto markets and prices remain possible.

**The intrigue:** Reports of a breach came just hours after Polymarket confirmed it was facing a cyberattack, prompting the decentralized predictions market operator to pause trading for an hour after an attacker made off with at least $2.7 million in user funds.

* Researchers at Hudson Rock tied the Polymarket incident to a breach involving third-party website monitoring tool DebugBear, which said earlier Thursday it was responding to its own security incident.

**What to watch:** Binance has yet to confirm who may be behind the attack and the total value of the currencies suspected hackers made off with.

*Editor's note: This story has been updated with a statement from Binance's co-founder.*

*
*
*

Add Axios on Google

What to read next

*
*
*
*
*
*

Smarter, faster on what matters.

Explore Axios Newsletters

* About Axios
* Advertise with us
* Careers
* Contact us

* Newsletters
* Axios Live
* Axios HQ

* Privacy policy
* Terms of use
*

Axios Homepage

Axios Media Inc., 2026