{"id":3525,"date":"2026-10-30T11:03:56","date_gmt":"2026-10-30T06:03:56","guid":{"rendered":"https:\/\/ipp-news.com\/?p=3525"},"modified":"2026-10-30T11:03:56","modified_gmt":"2026-10-30T06:03:56","slug":"binance-faces-6-3-billion-security-breach-in-possible-biggest-crypto-heist","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=3525","title":{"rendered":"Binance faces $6.3 billion security breach in possible biggest crypto heist"},"content":{"rendered":"
\n

Binance, the world\u2019s largest cryptocurrency exchange, said a security breach had resulted in an estimated $6.3 billion impact that analysts said \u200bcould amount to the biggest crypto heist ever and might make investors rethink the risks of owning digital assets.<\/strong><\/p>\n

Binance said it had worked with partners to freeze the \u200caffected assets, with about $3 billion located so far.<\/p>\n

It gave no update on the status of the remaining $3.3 billion, as Binance co-founder Yi He said the company would cover \u201call hacking losses\u201d.<\/p>\n

An initial investigation suggested the breach may have started with a hacked laptop belonging to one of its engineers, which let an attacker gain access to one of its systems and make unauthorised withdrawals, Binance said.<\/p>\n

Markets reacted immediately in early Asian trading on Friday.<\/p>\n

Bitcoin dropped more than 3% to \u200ba six-week low of $76,368, and ether fell more than 3% to a two-month low of $2,178.<\/p>\n

BNB, a token originally launched as Binance Coin that can be used to pay Binance fees, \u200bwas down 5% over the past 24 hours at $709.70, according to market aggregator CoinGecko.<\/p>\n

Shares in crypto exchange Coinbase Global slid 4.8%, while those of bitcoin \u2060buyer Strategy fell nearly 6% in extended US trading.<\/p>\n

The incident could be the world\u2019s biggest crypto heist, according to analytics firm Chainalysis and other industry experts.<\/p>\n

\u201cIt\u2019s the biggest hack in history,\u201d said Aravind Srinivasan, \u200bhead of large crypto market maker GSR\u2019s systematic OTC business.<\/p>\n

Beyond the potential loss of assets, the security breach was likely to have wider ramifications for crypto, which had already been under pressure lately due \u200bto higher US interest rates and softer demand from exchange-traded fund buyers, analysts said.<\/p>\n

\u201cIt may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges, as well as counterparty, solvency and liquidity risks,\u201d said Tim Sun, senior researcher at HashKey Group, based in Hong Kong.<\/p>\n

Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally and had about $162.8 billion in assets under custody as of \u200bthe exchange\u2019s 2025 annual report.<\/p>\n

\u201cUser funds remain safe,\u201d Binance said in a statement. \u201cAs a precaution, all deposits and withdrawals are temporarily suspended while our security teams conduct checks, secure wallet infrastructure, and trace affected \u200bassets, with the close support of our law enforcement and industry partners.\u201d<\/p>\n

<\/a>Binance has secure asset fund<\/strong><\/h3>\n

Binance runs a secure asset fund for users, which is a reserve held entirely in bitcoin that is intended to protect user \u200cassets in cases \u2060of security breaches, according to its website.<\/p>\n

\u201cIt\u2019s becoming very hard to counter hacks as AI can find vulnerabilities faster than you can fix them,\u201d said Bernardo Brites, CEO of Trace Finance, a payments and stablecoin infrastructure company.<\/p>\n

\u201cMy view is that users will move away from smaller and medium-sized exchanges; it is becoming too risky to park your money somewhere that couldn\u2019t cover a hack of meaningful size.\u201d<\/p>\n

Stablecoin issuer Tether said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million.<\/p>\n

World Liberty Financial, a crypto company linked to US President Donald Trump<\/a> and his family, said on Thursday it had \u200bworked with cryptocurrency custodian BitGo to freeze funds \u200bstolen in what it described as a \u2060Binance hack.<\/p>\n

Binance\u2019s Yi said $27 million in stablecoins and about $2 million worth of World Liberty tokens had been frozen.<\/p>\n

Crypto firm Ripple also froze roughly $200 million in funds, Yi said. Jack McDonald, senior vice president of stablecoins at Ripple, said the company was closely monitoring reports of a potential exploit involving Binance and \u200bwas freezing affected funds and coordinating with relevant parties.<\/p>\n

<\/a>Incident adds to string of crypto thefts<\/strong><\/h3>\n

Miguel Morel, CEO of blockchain intelligence firm Arkham, said data \u200bindicated that billions of dollars \u2060appeared to have been hacked from Binance by an unknown actor.<\/p>\n

The incident adds to a string of crypto thefts. Last year, attackers stole $2.9 billion worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs.<\/p>\n

In September, cryptocurrency exchange Bitget said roughly $350 million in crypto had been stolen from its platform, underscoring the industry\u2019s vulnerability to hackers.<\/p>\n

Authorities have warned that organised crime groups are increasingly using cryptocurrencies to move funds across \u2060borders outside the \u200btraditional financial system.<\/p>\n

Binance.US<\/a>, a separate cryptocurrency exchange, said it was not affected by the security incident.<\/p>\n

Coinbase said it was unaffected \u200band was monitoring the situation.<\/p>\n

In an unrelated incident earlier on Thursday, prediction market operator Polymarket temporarily halted<\/a> trading after a security incident involving a third-party provider. It later resumed trading and said it would fully reimburse affected traders.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, said a security breach had resulted in an estimated $6.3 billion impact that analysts said \u200bcould amount to the biggest crypto heist ever and might make investors rethink the risks of owning digital assets. Binance said it had worked with partners to freeze the \u200caffected assets, with about $3 billion located so far. It gave no update on the status of the remaining $3.3 billion, as Binance co-founder Yi He said the company would cover \u201call hacking losses\u201d. An initial investigation suggested the breach…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-3525","post","type-post","status-publish","format-standard","hentry","category-english"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3525"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3525\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}