At least $5.57 billion in cryptocurrency has been drained from wallets linked to Binance across three blockchains, in what appears to be a breach of the world’s largest crypto exchange. If confirmed as a hack, it would be the biggest crypto hack on record. Rival stablecoin issuers Tether and Circle have frozen about $1.8 billion in the main receiving wallet, while Binance said it is investigating a potential security issue.
Binance, the world's largest cryptocurrency exchange, said its security teams are reviewing reports of a potential security issue after billions of dollars in assets were moved from its hot wallets on Ethereum, Bitcoin and Tron on Thursday. The previous record for a crypto hack was the roughly $1.5 billion Bybit heist in February 2025.
The tally includes $3.51 billion on Ethereum, $1.44 billion in 18,270 Bitcoin and $630 million on Tron. The first Ethereum transaction at 20:24 UTC sent 167,464 ETH and 63 token transfers, including 1.615 billion USDT, to a new address. Three minutes earlier, an address funded through the crypto mixer Tornado Cash submitted a delegation for a Binance hot wallet using EIP-7702, an Ethereum feature that allows a normal wallet to run smart-contract code.
Odysseas Lamtzidi, founder of a firm, explained on X that EIP-7702 can turn a wallet itself into the sweeper, allowing later transfers without another signature. How the attacker obtained the required signature remains unknown.
Tether froze 975.1 million USDT in the main receiving address, and Circle, issuer of the rival stablecoin USDC, froze 823 million USDC in the same wallet at 21:04 UTC, bringing the total frozen to about $1.8 billion. “Circle is closely tracking reports of a potential exploit involving Binance,” Circle CEO Jeremy Allaire said on X. “In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.”
Bitcoin slid below $79,000, down about 2.6% in 24 hours, while BNB, Binance's own token, fell about 7% to roughly $699. Monero, a privacy coin, rose about 6% to $637, echoing a previous jump of as much as 51%. Binance itself lost 7,000 Bitcoin, about $40 million.
At least $5.57 billion would more than triple the previous record set by the Bybit theft in February 2025. On-chain analyst Wazz said the attacker is moving funds fast and that $800 million could still be frozen.
Analysis
Why This Matters
- If confirmed, this would be the largest cryptocurrency exchange hack ever, dwarfing the $1.5 billion Bybit heist in February 2025.
- The incident raises urgent questions about the security of exchange hot wallets and whether the industry can protect customer funds.
- The coordinated freeze of $1.8 billion by Tether and Circle demonstrates the power of stablecoin issuers to intervene, but also the limits as the attacker races to move assets.
Background
Binance is the world's largest cryptocurrency exchange by trading volume, serving millions of users who store coins in hot wallets for quick withdrawals. The previous record crypto hack was the roughly $1.5 billion Bybit breach in February 2025. Binance itself suffered a smaller hack in 2019, losing 7,000 Bitcoin worth about $40 million at the time. Privacy coin Monero spiked after that incident as well, suggesting traders seek anonymity during market turmoil.
Key Perspectives
Binance: says it is aware of reports of a potential security issue and is actively investigating, but has not confirmed any impact to user funds.
Circle CEO Jeremy Allaire: said Circle is closely tracking reports, has frozen more than 800 million USDC in coordination with law enforcement, and will continue supporting the investigation.
Security researcher Odysseas Lamtzidi: explained that the EIP-7702 delegation allowed the attacker to move large sums without additional signatures, though how the signature was obtained is unknown.
What to Watch
- Whether Binance confirms the breach and discloses any impact on user funds.
- How much of the stolen assets can be frozen by stablecoin issuers before the attacker moves them.
- Market reaction: further drops in Bitcoin and BNB could signal broader sell-offs, while Monero's rise may indicate a flight to privacy.
Checked
12 claims in this story checked against 1 source: 11 supported.
Show each claim
- SupportedThe headline says Binance is probing a suspected $5.5 billion hack.Decrypt: “Binance has not confirmed its exchange has been hacked but said it is aware of the “potential security issue and is actively investigating.””
- SupportedThe headline says Tether and Circle froze about $1.8 billion.Decrypt: “Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving wallet, about $1.8 billion in total.”
- SupportedBinance, the world’s largest crypto exchange, says it has not confirmed an impact to user funds.Decrypt: ““We have not confirmed any impact to user funds,” the .”
- SupportedAt least $5.57 billion left Binance-linked wallets across three blockchains on Thursday, in what appears to be a breach of the world’s largest cryptocurrency exchange.Decrypt: “At least $5.57 billion in crypto has left wallets linked to Binance across three blockchains in what appears to be a breach of the world’s largest cryptocurrency exchange.”
- SupportedIf confirmed as a hack, the incident would be the biggest crypto hack on record.Decrypt: “If confirmed as a hack, it would be the biggest crypto hack on record.”
- SupportedCircle CEO Jeremy Allaire said: “Circle is closely tracking reports of a potential exploit involving Binance. In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.”Decrypt: “"Circle is closely tracking reports of a potential exploit involving Binance," Circle CEO Jeremy Allaire . "In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation."”
- SupportedThe tally is $3.51 billion on Ethereum, $1.44 billion in 18,270 Bitcoin and $630 million on Tron.Decrypt: “The tally counts $3.51 billion on Ethereum, $1.44 billion in 18,270 Bitcoin and $630 million on Tron.”
- SupportedThe first Ethereum transaction, at 20:24 UTC, sent 167,464 ETH and 63 token transfers, including 1.615 billion USDT, to a new address.Decrypt: “The first Ethereum transaction, at 20:24 UTC, sent 167,464 ETH plus 63 token transfers to a brand-new address, including 1.615 billion USDT”
- SupportedThree minutes before that transaction, an address funded through Tornado Cash submitted an EIP-7702 delegation for a Binance hot wallet.Decrypt: “Three minutes earlier, an address funded through Tornado Cash, a mixer that scrambles the trail of crypto payments, submitted a delegation for a Binance hot wallet using EIP-7702”
- SupportedHow the attacker obtained the required signature remains unknown.Decrypt: “How the attacker got the required signature is still unknown.”
- SupportedThe previous record was the roughly $1.5 billion Bybit heist in February 2025, and $5.57 billion would more than triple it.Decrypt: “The $5.57 billion tally would be more than triple the roughly $1.5 billion Bybit heist in February 2025, the previous record.”
- Partly supportedBinance itself lost 7,000 Bitcoin, about $40 million, in the incident being reported.Decrypt: “Binance lost 7,000 Bitcoin, about $40 million, in a.”