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Binance investigating reports of possible $5.8 billion crypto theft
Binance said it is investigating reports of a potential security issue after blockchain trackers flagged billions in assets moving from exchange wallets, BleepingComputer reported.
Cryptocurrency exchange Binance is investigating reports of a potential security issue after blockchain analysts described large transfers from Binance-linked wallets, BleepingComputer reported Thursday1.
A Binance spokesperson told the site the company was reviewing the reports and said customer funds were safe1. "Our teams are aware of reports of a potential security issue and are actively investigating," the spokesperson said1.
BleepingComputer said the suspected incident had already led stablecoin issuers Tether and Circle to freeze more than $2.3 billion in assets they associated with it1. Tether chief executive Paolo Ardoino said on X that the company had frozen more than $1.567 billion in USDT, according to the report1. Circle chief executive Jeremy Allaire said on X that Circle had frozen more than $800 million in USDC and was coordinating with law enforcement1.
The outlet said the statements followed reports of cryptocurrency moving from multiple Binance hot wallets to a newly created Ethereum address1. It cited on-chain analysis shared on X describing transfers of about $2.53 billion from a wallet labeled Binance 14, then about $174.4 million from a second wallet, and a later claim of another 780 million USDC to the same address1.
Blockchain intelligence firm Arkham Intelligence was tracking 55 addresses under an entity labeled "binance-hacker-1029," with combined holdings valued at about $5.78 billion, BleepingComputer reported, including roughly $1.77 billion in USDT, $1.44 billion in bitcoin, $876 million in ether and $823 million in USDC1. The report said that figure is the value of assets across the tracked wallets, not a confirmed amount stolen from Binance1.
Etherscan had labeled an initial receiving address as a Binance hot-wallet exploiter and applied exploit and heist tags, according to the article1. Binance founder Changpeng Zhao said on X that the incident appeared to be a hack, that he no longer manages the exchange, and that he expects user funds to be fully covered, the report said1.
Binance had not confirmed whether the transfers were unauthorized, how any breach occurred, or the total value of any stolen assets1. The company also warned customers to be wary of scams and unofficial requests for account information1. If the losses were confirmed at the scale being discussed, they would exceed the $1.5 billion stolen from Bybit in February 2025, which BleepingComputer described as the largest confirmed crypto heist on record1.
