Binance, the world's largest cryptocurrency exchange by trading volume, has pledged to cover all losses resulting from a security breach that drained around US$6.3 billion from its wallet, the South China Morning Post reported. At that scale, the incident represents the largest cryptocurrency theft on record, surpassing the US$1.5 billion stolen from Dubai-based exchange Bybit in February 2025, which the FBI attributed to North Korea.
Blockchain data indicated that funds began being withdrawn from Binance wallets at approximately 4:24 am Hong Kong time on Friday. In response, Binance announced via a post on social media platform X that it had suspended all deposits and withdrawals while its team conducts security checks, freezes funds, and collaborates with law enforcement authorities. The exchange's initial statement did not confirm the total amount stolen, how the perpetrator gained access, or who was responsible.
Binance founder Changpeng Zhao, who stepped down as chief executive in 2023, stated on X that the incident appeared "like a hack." Speaking in his capacity as a shareholder, Zhao said he expects all user funds to be fully covered.
Jeff Ko, chief analyst at cryptocurrency mining pool ViaBTC, commented that the breach highlights ongoing security vulnerabilities in centralised exchanges and the broader crypto market amid artificial intelligence development. Ko noted that the incident appeared to stem from how transactions were signed and authorised rather than an exploited weakness in a smart contract.
Sources
- South China Morning Post · 2026-10-30
