Binance temporarily halted customer deposits and withdrawals while investigating the breach, pledging to absorb all resulting financial damages to keep user balances secure. Blockchain analytics group Chainalysis placed the stolen amount at approximately US$5.912 billion, though the actual mechanics behind the compromise remain unknown. Meanwhile, major cryptocurrencies tumbled, with Binance's native BNB token absorbing the steepest decline among premier assets.
Key points
The trading exchange has publicly pledged to fully cover all user financial losses stemmi…: The trading exchange has publicly pledged to fully cover all user financial losses stemming from the security incident.
Former Binance chief Changpeng Zhao acknowledged the breach and suggested that overall lo…: Former Binance chief Changpeng Zhao acknowledged the breach and suggested that overall losses could surpass US$1 billion.
Token valuations fell sharply in the wake of the incident, including a nearly 10 percent…: Token valuations fell sharply in the wake of the incident, including a nearly 10 percent plunge for Binance's BNB.
Sources checked by our analysis pipeline: 1
The company posted a series of sometimes contradictory messages on X, insisting that "user funds are completely safe" but also saying it would "cover all losses".
NEW YORK: Cryptocurrency platform Binance said on Thursday (Oct 29) that it had fallen victim to a major hack and indicated that more than US$2.5 billion in funds had been frozen in an effort to prevent a massive theft.
The company - the world's largest crypto exchange by daily trading volumes - posted a series of sometimes contradictory messages on X, insisting that "user funds are completely safe" but also saying it would "cover all losses".
The scope of the heist was not immediately known, but blockchain analytics company Chainalysis said its "current estimate on amount stolen is approx US$5.912B at time of theft."
That would be almost four times the amount stolen in what has been the biggest-ever cyberattack of its kind to date: US$1.5 billion taken in February 2025 from the Bybit platform - an incident attributed to hackers affiliated with North Korea.
At about 0030 GMT (8.30am, Singapore time) on Friday,…
A massive cybersecurity incident has struck the cryptocurrency industry, directly impacting major exchange Binance. The compromised funds have reached a staggering scale, firmly establishing the event as one of the most substantial thefts in digital asset history. Industry observers continue to evaluate the broader implications as critical specifics regarding the incident remain undisclosed.
Investors aggressively dumped holdings after the Japanese technology firm reported disappointing financial performance for the opening six months of the fiscal year. The steep market reaction reflects acute sensitivity to the company's recent operational underperformance and profitability pressures.
Broad market benchmarks masked extraordinary localized gains over the past year as targeted industrial demand fueled triple-digit surges across select equities. While heavyweights faced downward pressure, specialized firms tied to technology infrastructure, pharmaceuticals, and manufacturing saw their enterprise values swell rapidly. However, the resulting premium on these dynamic shares has prompted market strategists to advise structured, multi-year positioning to endure impending volatility.