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Binance Hit by $6.3 Billion Crypto Hack
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In Short: Cryptonews detailed that the first big trade hit at 20:38 UTC, about 15 minutes after the first outflows from Binance’s wallet and before the news was public.
The Japan Times reported that Binance experienced a $6.3 billion hack, with net withdrawals reaching $4.7 billion by Monday morning in London. Kitco confirmed the hack, noting that it was four times larger than the previous record of a $1.5 billion theft from Bybit in February 2025.
According to The Japan Times, Binance restored customer withdrawals on Sunday after freezing them following the hack. The Guardian added that the theft was the biggest ever, surpassing a $1.5 billion crypto raid last year and the $1 billion taken from Iraq’s central bank by Saddam Hussein in 2003.
The Japan Times stated that the outflows represented less than 4% of the $128 billion in assets held on Binance. Kitco reported that billions of dollars began flowing out of Binance’s hot wallets on Thursday afternoon, starting around 4:10 PM Eastern.
Cryptonews detailed that the first big trade hit at 20:38 UTC, about 15 minutes after the first outflows from Binance’s wallet and before the news was public. Nicolas Quatravaux, head of EMEA at Paradigm, told CoinDesk that the busiest hour came before Binance had said anything, including two 1,000 $BTC blocks of mid-November $74,000 puts, totaling about $155 million in notional value.
The Guardian quoted researchers who said the theft was the biggest ever, dwarfing previous incidents. The Indian Express reported that Binance moved to reassure crypto investors, stating that withdrawals were stabilizing after an initial spike and deposit volumes had remained substantial.
Binance’s co-chief executive officer, Richard Teng, said the company is working with authorities to determine what happened and will cover all losses. TRM Labs, an AI-powered investigations company, linked the attack to North Korea, noting similarities to earlier incidents, including a $1.5 billion hack on the ByBit exchange in 2025.
Financemagnates reported that the crypto market was up on Friday, with Bitcoin trading above $80,000 and Ethereum, XRP, and Dogecoin rising 6% to 7%. Tether's CEO Paolo Ardoino revealed that the company had frozen over 1.567 billion USDT linked to the potential hack at Binance.
France24 reported that hackers stole $6.3 billion from Binance, the world's biggest cryptocurrency exchange, in a record digital asset theft. 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.
The Japan Times and Kitco agreed that Binance suffered a massive $6.3 billion hack, with the outflows representing less than 4% of the exchange's total assets. Both outlets also noted that Binance is working with industry partners to freeze the stolen funds.
Despite the significant theft, Binance has resumed customer withdrawals and is committed to covering affected balances, according to reports from The Japan Times and The Guardian.
Background
Binance has resumed customer withdrawals after a massive $6.3 billion cryptocurrency theft, with the company absorbing the financial impact.
What's confirmed
- Traders have pulled billions from Binance since late last week, when the crypto exchange giant suffered the largest cyber theft in history.
- Tell us: have you been affected by the Binance hack?
- AI-powered investigations company TRM Labs said in a report several elements of the Binance attack resembled earlier incidents linked to the territory, including a $1.5bn (£1.1bn) hack on the ByBit exchange in 2025.
What's still developing
- That bias strengthened after a hacker walked away with more than $6 billion in crypto assets from Binance, the largest crypto exchange.
- That is about half of the total $BTC options block volume on Deribit, the largest crypto options exchange, over the same period.
- Bitcoin traded at $80,914 on Binance at 18:07 UTC, up 5.9% on the day, while Ether rose 6.4% to $2,603, XRP gained 7.3% to $1.39 and Dogecoin added 7% to $0.0874 on Bitstamp.
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- According to blockchain analytics firm Glassnode, the suspected hack initially involved crypto worth $5.3 billion.