The key facts

  • The stolen amount, according to various estimates, is between $1.7 and $5.5 billion; Binance has not disclosed it
  • The exchange reported freezing about $3 billion and promises to cover losses from the SAFU fund
  • After the attack, bitcoin fell by 3.5%, Ethereum by more than 4%

The largest hack in the history of the crypto market

On the night of October 30, unknown attackers gained access to the systems of the largest crypto exchange, Binance, and transferred cryptocurrency to their own accounts. According to various estimates, the amount ranges from $1.7 to $5.5 billion; if these estimates are confirmed, the attack will become the largest theft in the history of the crypto industry. The exchange itself has not yet disclosed the amount, saying only that an investigation is underway and that user funds are 'completely safe' — as reported by Gazeta.

What the exchange itself said

In its latest tweet, Binance clarified, that the initial version of a hack via a compromised laptop was not fully confirmed: the check revealed additional points of entry into the system. The exchange described the attack as sophisticated and stated that it is cooperating with law enforcement and continuing to gather evidence.

Compensation and freezing of funds

Binance promised to cover all losses from the SAFU reserve fund and the company's own funds. According to the exchange, the plan to restore withdrawal services within 45 hours remains in place, deposits are unaffected, and together with partners about $3 billion of the stolen assets have been frozen. Users were also reminded to be careful: the exchange warned of possible fraud cases and urged people not to trust unofficial links or requests for account data.

Market reaction and context

Investors responded with a sell-off: bitcoin fell by 3.5%, and Ethereum by more than 4%. Stablecoin operators Tether (USDT) and Circle (USDC) stated that they promptly froze the stolen $1.7 billion. Before this event, the largest crypto hack was considered to be the theft of $1.5 billion from the Bybit exchange, which, according to the FBI, was carried out by North Korean hackers. Who is behind the attack on Binance has not yet been reported.