$6.3B Binance Hack Raises Major Security Concerns

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Binance pledged to cover all losses after a $6.3 billion hack, with about $3 billion in assets frozen by the exchange and its partners.

Binance confirmed Friday that it had suffered a hack affecting about $6.3 billion in assets, the largest cryptocurrency theft on record.

The exchange said it had worked with blockchain partners to freeze about $3 billion in affected assets and pledged to cover all losses using its Secure Asset Fund for Users (SAFU) and company funds.

The theft was about four times the size of the $1.5 billion Bybit hack in February 2025, which previously held the record, according to TRM Labs.

Concerns were first raised by blockchain researcher Spreek, who posted on X that assets from a Binance-linked Ethereum wallet had been transferred to a newly created address through a contract call allegedly funded by Tornado Cash. Spreek later reported that wallets connected to the transfers had begun selling Tether USDt (USDT) through decentralized exchanges.

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