Binance said on Thursday that a hack had siphoned roughly $5.912 billion from its exchange, the largest crypto platform by daily trading volume. Chainalysis, the blockchain‑analysis firm that tracks illicit movements, confirmed the figure and warned that the theft could grow as Binance’s forensic team works to trace every trail. Binance’s CEO, Changpeng Zhao—now a majority shareholder but no longer CEO—stated that user funds remain safe and that the company would cover all losses, though the company’s own statements on X were at times contradictory.
At 0030 GMT Friday, Binance halted all deposits and withdrawals, announcing the pause on X while its security team froze the nearly $3 billion already locked in. The exchange said it would continue to freeze assets as it collaborates with law enforcement, issuers, blockchain intelligence firms and industry partners. The move follows a chain of events that began with the February 2025 Bybit breach that netted $1.5 billion to hackers linked to North Korea.
Tether’s CEO, Paolo Ardoino, said the company had frozen about $1.6 billion in USDT linked to the hack, while Circle’s Jeremy Allaire confirmed that more than $800 million in USDC had been immobilized. The incident sent Bitcoin tumbling nearly 5 percent, Ethereum down almost 6 percent, and Binance Coin down close to 10 percent within hours of the announcement. Stablecoins, by definition, stayed within tighter bounds.
The U.S. Department of Justice and the FBI have not yet offered comment, leaving the investigation in early stages. Binance will keep assets frozen and is working with authorities to recover the stolen funds, with a full audit expected in the coming weeks. The industry watches as the exchange seeks to restore confidence amid a market already rattled by the sudden price swings.