Attackers initiated the breach by compromising a DevOps engineer's laptop, using that foothold to infiltrate an internal service container and trigger illicit fund transfers. Binance responded by halting all platform deposits and withdrawals, revoking permissions for the affected address, and confirming that its wallet private keys were not leaked. The company has designated more than $6.34 billion in internal funds to absorb the damage, including $5 billion in the specific tokens that were taken. This unprecedented breach far exceeds the prior record loss of $1.46 billion suffered by Bybit last year.
Key points
The incident represents the largest crypto theft on record, far surpassing the previous $…: The incident represents the largest crypto theft on record, far surpassing the previous $1.46 billion record set by Bybit.
Quick containment measures allowed roughly $3 billion of the impacted crypto assets to be…: Quick containment measures allowed roughly $3 billion of the impacted crypto assets to be successfully frozen.
Internal investigations confirmed that user balances will be protected and no private wal…: Internal investigations confirmed that user balances will be protected and no private wallet keys were leaked during the intrusion.
Sources checked by our analysis pipeline: 1
Binance has disclosed that $6.3 billion worth of crypto funds have been stolen from the platform, in what’s believed to be the biggest cryptocurrency hack on record. In a series of updates posted to X, the crypto exchange said that user funds are safe, and that around $3 billion of the impacted assets have been frozen so far.
Binance hackers stole $6.3 billion in record-breaking crypto heist
$3 billion of stolen assets have been frozen so far, and Binance has promised to ‘cover all losses.’
$3 billion of stolen assets have been frozen so far, and Binance has promised to ‘cover all losses.’
Binance has publicly committed to covering any losses resulting from the hack. The company has an emergency reserve fund of around $1.3 billion (at last valuation) to protect user assets in these situations, and said it has also reserved over $6.34 billion of company funds to cover this incident — $5 billion of which is “already held in the exact token assets that were impacted.”
“Our initial investigation suggested that the security incident may have involved a…
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