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UNIChangpeng Zhao says Binance outflows 'does look like a hack' as billions leave wallets
Billions of dollars in crypto left Binance wallets on Thursday, according to onchain data, and the exchange's founder said it looks like a hack while insisting user funds are safe.
Key points
- Analysts put the crypto drained from Binance wallets at roughly $2.5bn to over $3bn, with no official figure yet.
- Tether froze more than 1.567bn USDT and Circle froze over 800m USDC linked to the incident, their CEOs said.
- If confirmed, it would be the largest single crypto hack, exceeding the roughly $1.5bn Bybit theft of February 2025.
Binance said it was aware of a "potential security issue" and that its security teams were reviewing the information with urgency, without giving specifics.
Analysts estimated the total drained at between about $2.5bn and possibly more than $3bn, though no official figures had been provided.
Stablecoin issuers moved to contain the damage.
If the outflows are confirmed, the apparent attack would be the largest single crypto hack on record, surpassing the theft of roughly $1.5bn from rival exchange Bybit in February 2025. The FBI and other authorities blamed that breach on North Korean state-sponsored hackers.
What to watch: Binance said it would provide updates through its official channels once it has verified information.
Live updates on NewsFeeds:ETFsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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