Binance likely hacked for an estimated $6B, on-chain data shows

Crypto exchange Binance is investigating a security breach on Thursday after on-chain data flagged that it has likely been hacked for an estimated $6 billion.

Binance hot wallet drained of $6 billion across several blockchains

In a statement on Thursday, Binance said its security teams were investigating the breach and confirmed that user funds are completely safe.

Binance added that it would provide updates through its official channels as soon as the information has been verified. It also warned users against scams, unofficial links and requests for account information.

Binance co-founder and former CEO Changpeng Zhao addressed the reports on X, confirming that the exchange appears to have been hacked.

“User funds are safe! It does look like a hack on Binance,” Zhao wrote, adding that he expects all user funds to be covered.

On-chain data reveals roughly $6 billion in related asset outflows from Binance-labeled wallets, contrary to previous claims of a $2.7 billion compromise. The reported transfers span several blockchains, with $3.78 billion on Ethereum (ETH), $1.441 billion on Bitcoin (BTC), $628 million on Tron (TRX), $290 million on XRP Ledger, $94 million on Solana (SOL) and a combined $61 million across Arbitrum (ARB), Avalanche (AVAX), Optimism (OP) and Base.

Tether and Circle (CRCL) froze at least $2.316 billion in stablecoins linked to the reported activity, comprising $1.567 billion in USDT and $823 million in USDC.

Other platforms have also taken preventive measures to ensure the hack is contained. Aave has reportedly frozen its lending markets to stop the bad actors from borrowing against the stolen funds.

Binance co-founder Yi He said on X that the exchange suspended withdrawals until its environment is confirmed safe, and thanked Ripple and World Liberty Financial for freezing related assets. The cause of the hack is yet to be confirmed.

The attempted theft would mark the largest crypto hack in history if estimates, surpassing the $1.5 billion Bybit exploit in February of 2025. Notably, Bitget also suffered a $388 million hack in September.

This is not the first potential hack incident flagged on Thursday.

Prediction market Polymarket disclosed a security incident involving a compromised third-party provider. It temporarily restricted trading on its international platform before reporting that it had identified and fixed the issue and would reimburse affected users.

Bitcoin falls below $80,000 as crypto liquidations climb over $1 billion

The reports emerged as the crypto market faced renewed selling pressure on Thursday. Bitcoin briefly fell below $80,000, reaching roughly $78,790, down 3% in the past 24 hours following the Binance attack.

Altcoins also fell, with ETH, BNB, XRP and Solana (SOL) down 3.6%, 6%, 5% and 4.7%, respectively.

Crypto liquidations surged to $1.11 billion in the past 24 hours, with Bitcoin traders shedding $350 million and Ethereum liquidations hitting $252 million, according to Coinglass. The decline coincides with further weakness in AI stocks.