Binance hit by suspected $5.5 billion hack
At least $5.57 billion left Binance-linked wallets on three blockchains, and Tether and Circle froze about $1.8 billion, according to Decrypt's on-chain tally.
The facts
- According to Decrypt, at least $5.57 billion left Binance-linked wallets on Ethereum ($3.51 billion), Bitcoin ($1.44 billion in 18,270 BTC) and Tron ($630 million) on Thursday.
- Binance has not confirmed a hack. It says it is investigating a potential security issue and has not confirmed any impact to user funds.
- Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving wallet, about $1.8 billion in total. The attacker is reportedly still moving funds.
- Bitcoin fell below $79,000, BNB dropped about 7% to roughly $699, and Monero rose about 6% to $637. How the attacker got the needed signature is still unknown.
Case notes · Danny's take
Why it matters
If this is confirmed, it would be the biggest crypto hack on record, more than triple the Bybit heist. It also tests the idea that a big exchange is a safe place to leave coins. Not the headline. Not the panic. The question that matters is how a signature was obtained, and Binance has not answered that yet. For users in Lagos and across Africa who rely on Binance for dollars and P2P trades, an unconfirmed risk to funds is a real, everyday problem.
For traders
Don't trade the panic candles. Watch Binance's official updates on user funds, the movement of the stolen coins on-chain, and whether more addresses get frozen. If you use leverage on news-driven moves, size down, because headlines like this can reverse fast.
For builders
The reported route was an EIP-7702 delegation on a hot wallet, so teams should review how delegated code and signing permissions are handled on their own wallets. Stablecoin freezes also show how much recovery depends on issuers acting quickly.
Not financial advice. Do your own investigation.
This story was summarised with AI from Decrypt's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.