Binance Probes Suspected $5.7 Billion Hack, Potentially Largest Crypto Heist in History

Binance is investigating a suspected cyberattack in which $1.7 billion to $5.7 billion in user funds were drained from wallets on Thursday afternoon, a breach that could become the largest crypto hack on record if estimates hold. Binance co-founder Changpeng "CZ" Zhao, no longer an executive at the company, said on X that the exchange appears to have been hacked, though a company spokesperson said it is still investigating. The exchange limited withdrawals, and platforms including Tether and Circle froze more than $1 billion in cryptocurrencies, Zhao said, a step that would limit customer losses. Zhao and the spokesperson said user funds are safe. The suspected hack follows a wave of cyberattacks during what the report described as "Black October." In 2025, North Korea-linked hackers stole about $1.5 billion from Bybit. Kevin March, co-founder of JPEG Trading, said Binance's size and balance sheet insulate it from collapse, though broader market reverberations remain possible. The reports came hours after Polymarket confirmed its own breach, with an attacker taking at least $2.7 million.