The world's largest cryptocurrency exchange, Binance ( Binance ), has encountered a major security vulnerability. Blockchain analysts believe that hackers have stolen nearly $6 billion in crypto assets from wallets associated with this exchange.
According to blockchain analysis firm Glassnode, this suspected hacking incident initially involved approximately $5.3 billion in crypto assets.
Hackers transferred several of the largest amounts of funds from this cryptocurrency exchange, including an estimated $1.66 billion in Tether ( USDT ), 17,985 Bitcoins ( BTC , worth about $1.45 billion), and $767 million in USDT ( USDC ).
Other encrypted tokens involved in this suspected hacking incident also include Ethereum ( ETH ), XRP, Solana ( SOL ), and Tron ( TRX ).
Glassnode indicates that the outflow of suspicious funds occurred on different blockchains in sequence. The transfer mentioned in XRP appeared first, followed by SOL, BTC, and other assets.
Glassnode also pointed out that the BNB balance of that exchange was not affected.
The total amount of suspicious capital outflows approaches $5.9 billion.
It is still unclear at this time what the total loss is. Analysts have provided different estimates while observing the transfer of funds between various blockchain addresses.
CZ Breaks the Silence
Chao Changpeng, co-founder and former CEO of Binance ( CZ ), has acknowledged this obvious security vulnerability. At the same time, he assured Binance customers that their funds are safe.
"It indeed seems that Binance has been attacked by hackers," Zhao Changpeng wrote on X.
This billionaire praised the quick response of stablecoin issuers Tether and Circle; both companies froze funds amounting to approximately $971 million and $823 million respectively.
"I no longer operate Binance (. com), but as a shareholder, I expect that all user funds will be fully covered," Zhao Changpeng emphasized.
In the next post, Zhao Changpeng acknowledged that although an analyst estimated there was still a risk exposure of about $1 billion even after the assets were frozen, the actual losses could be higher. However, he reiterated once again that the losses would be covered.
Billions of dollars in crypto assets have been frozen.
The quick response of large stablecoin issuers is of paramount importance.
Tether The Chief Executive Officer Paolo Ardoino revealed that the company has frozen over 1.567 billion USDT related to the potential hacker incident with Binance.
Ardoino represents: "Protecting the industry and our partners is our top priority."
Meanwhile, Circle CEO Jeremy Allaire confirmed that the company has frozen over $800 million of USDC in coordination with law enforcement authorities.
Subsequently, Binance announced an update stating that the total amount of frozen assets reached $2.54 billion. Binance also warned that as the investigation continues, this figure may increase further.
The largest encryption hacking incident in history
If the highest estimate of the stolen funds is accurate, this Binance incident could become the largest crypto hacking event in history.
In February 2025, a record was broken when the cryptocurrency exchange Bybit lost approximately $1.5 billion in Ethereum during an attack. The outside world believed that this attack was related to North Korean hackers.
After Binance was suspected of encountering a vulnerability, the broader crypto market declined.
Bitcoin once fell below $79,000. Ethereum fell below $2,300. XRP fell by nearly 7%. Binance’s native token BNB saw an even larger decline, falling by about 7% in its initial reaction.
