South China Morning Post : Binance pledges to cover all losses from a ~$6.3B hack, potentially the largest crypto theft ever, surpassing the $1.5B Bybit hack in February 2025 — Binance, the world's largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet.
Binance pledges to cover all losses from a ~$6.3B hack, potentially the largest crypto theft ever, surpassing the $1.5B Bybit hack in February 2025 (South China Morning Post)
In short
The trading platform experienced a massive security failure that drained an estimated $6.3 billion directly from its wallet. In response, the exchange promised that all affected users will have their stolen funds fully reimbursed. This historic breach dramatically surpasses the previous crypto theft record of $1.5 billion taken from Bybit in February 2025. The company remains the world's leading digital currency exchange by overall volume despite the incident.
Key points
- Binance has committed to fully reimbursing all user losses caused by the security breach.: Binance has committed to fully reimbursing all user losses caused by the security breach.
- The incident potentially stands as the largest single cryptocurrency theft in the industr…: The incident potentially stands as the largest single cryptocurrency theft in the industry's history.
- The sheer scale of the drained funds more than quadruples the previous record breach.: The sheer scale of the drained funds more than quadruples the previous record breach.