Binance, a leading digital currency exchange, reported that it fell victim to an unprecedented cyber theft amounting to $6.3 billion this past Thursday, which is thought to be the largest heist ever documented in the cryptocurrency world.
In response, the exchange has halted all deposits and withdrawals as it collaborates with law enforcement to protect its systems and track the misappropriated assets.
The breach was traced back to a compromised laptop, granting “an attacker access to a service container, allowing unauthorized withdrawal operations,” the firm revealed.
“The estimated total financial impact is approximately $6.3 billion,” Binance announced on X late Thursday.
The exchange noted that roughly $3 billion in cryptocurrency linked to the hacks has been identified and frozen so far.
Binance assured that it will “cover all losses” resulting from the incident, emphasizing that “user funds are secure.”
“We are actively engaging with our law enforcement partners to establish the identities of the offenders and ensure they are held accountable,” the company stated.
As the largest cryptocurrency trading platform globally by volume, Binance serves hundreds of thousands of users who engage in buying, selling, and storing various digital currencies.
In contrast to traditional bank accounts, funds managed by companies like Binance are not inherently insured against theft or losses, potentially leaving compensation decisions at the discretion of the exchanges.
The previous record for a cryptocurrency theft was $1.5 billion, which was taken from Bybit by North Korean hackers in February 2025.
Binance warned that the overall value of affected assets, as well as those that have been frozen or recovered, could fluctuate.
“This figure may continue to rise as our teams work closely with law enforcement, asset issuers, blockchain intelligence firms, and industry associates to trace and freeze additional resources,” the company explained.
As news of the cyber breach circulated online on Thursday, major cryptocurrencies experienced declines, with Bitcoin falling approximately 4.3%, and Ethereum dropping 4.6%.
Two prominent stablecoin issuers, Tether and Circle, announced that they had discovered billions of dollars in assets tied to the hackers and had taken measures to freeze them.
Tether’s CEO, Paolo Ardoino, indicated on X that the company had frozen over $1.567 billion in its digital currency.
Circle’s CEO, Jeremy Allaire, stated that the firm had also frozen hundreds of millions of dollars worth of assets and was collaborating with law enforcement authorities.
This massive breach of Binance comes at a time when global cybersecurity measures are heightened due to concerns over novel attacks potentially enabled by advances in artificial intelligence.
For years, digital currencies have remained a prime target for cybercriminals. In 2025, Coinbase revealed that attackers had stolen customer data and attempted to extort $20 million from the company, which refused to pay and instead offered a bounty for information leading to arrests.
Changpeng Zhao, Binance’s founder, expressed his expectation that “as a shareholder, all user funds will be fully compensated.”
Zhao, who stepped down from his CEO role at Binance in 2023, pled guilty to violating U.S. anti-money laundering laws, but later received a full pardon from President Donald Trump.