Binance is investigating a suspected hack after wallets linked to it on the Ethereum, Bitcoin, and TRON networks saw outflows of around $5.7 billion, according to The Kobeissi Letter.
The outflows reportedly include $1.45 billion worth of Bitcoin and $875 million worth of Ether. If confirmed, it would be the biggest hack in crypto history, far ahead of the $1.5 billion stolen from Bybit in February 2025.
What Binance Has Said
Binance has not confirmed the total amount stolen. Co-founder Yi He said the exchange is aware of reports of a potential security issue and its security teams are reviewing the matter urgently.
Binance founder Changpeng Zhao said the activity looks like a hack on Binance. He said user funds are safe and he expects them to be fully covered.
The exchange has temporarily suspended deposits and withdrawals while it investigates.
Billions Frozen
Binance said $2.54 billion in assets linked to the incident has been frozen so far, and the figure could rise as funds are traced. Tether said it froze more than 1.567 billion USDT, while Circle froze over 800 million USDC.
Blockchain tracker Arkham Intelligence shows about $5.8 billion held across wallets linked to the attacker, though this is not a confirmed loss figure.
Binance has been active in Pakistan, where it received an NOC to begin the registration process last year.
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