Biggest Hack In History of Crypto: Binance Hacked for up to $5.8 Billion (but funds are insured says CZ)

GNews

GNews

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full story;
https://www.pcmag.com/news/binance-investigates-reports-of-hack-as-billions-in-crypto-get-moved


Cryptocurrency exchange Binance is investigating a possible hack after more than $2 billion in digital funds were mysteriously transferred to a newly established wallet.

“We are aware of reports of a potential security issue and we are actively investigating,” Binance co-CEO Yi He tweeted on Thursday. She also signaled Binance has an emergency fund to cover users in the event a major loss occurs. "Safety first: withdrawals are currently disabled until the environment is confirmed to be secure," she later added.

Fears of a hack emerged after a user spotted more than $2.7 billion mysteriously moving from a Binance wallet to an external account, spanning Ethereum and stablecoins from Tether and Circle Internet Group. A Coinbase director and Kairos Research now say $5.8 billion appear to have "left Binance across Ethereum, Bitcoin, and Tron."
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For this to be decentralized and for the people .....

They sure............are......... making a lot of money to insure a possible $5.8B in assets like it's toilet paper
 
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Even the largest exchange in the world can be hacked. When it comes to cryptocurrency, nowhere is completely safe.
 
Cryptocurrency is not safe at all; no exchange is 100% guaranteed to be hack-proof.
 
TRAN ALEX said:
Cryptocurrency is not safe at all; no exchange is 100% guaranteed to be hack-proof.
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After they put out the news that Quantum/Super Computers could solve the Secret phrases

I think they inadvertently were blowing a dog whistle. Probably gave people something new to think about that they did not want to

And I think, Binance also denied this news the other day when a guy sued them saying they lost $25M of their money..... Guess that guy wasn't so crazy.
 
What's crazy is people are still storing their crypto on exchanges in 2026.

Binance is saying they'll cover the losses and refund the customers but how many times can they do this? They'll go bust some day.
 
NirvanaWolf said:
What's crazy is people are still storing their crypto on exchanges in 2026.

Binance is saying they'll cover the losses and refund the customers but how many times can they do this? They'll go bust some day.
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a report i just got from Google:
Revenue: Binance generated $16.8 billion in revenue in 2024, representing a 40% increase compared to the previous yea



They can handle apparently. They handle 40% of the world's crypto exchanges . Gas fees racking up.
 
Crypto hack is not a fresh news, and never a welcomed development, from cold card it began, several exchanges were hacked few weeks ago, yesterday Binance got hit by smart hackers. Reminiscing back to 2022 the FTX times happened just like what is taking place in the crypto space this year.
 
airtman said:
Crypto hack is not a fresh news, and never a welcomed development, from cold card it began, several exchanges were hacked few weeks ago, yesterday Binance got hit by smart hackers. Reminiscing back to 2022 the FTX times happened just like what is taking place in the crypto space this year.
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The really unique part for me

Binance denied it was going on earlier this week when a client called them out for losing $25M of their money

US secret service now involved:
https://www.bbc.com/news/live/cqrmynd3042gt
 
GNews said:
For this to be decentralized and for the people
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There’s nothing “decentralized” about Binance or any kind of CEX for that matter. This also isn’t really a blockchain related issue since the hack occurred due to some sort of social engineering and getting access to one of Binance’s hot wallets through an employee that apparently made a mistake.
 
NirvanaWolf said:
What's crazy is people are still storing their crypto on exchanges in 2026.

Binance is saying they'll cover the losses and refund the customers but how many times can they do this? They'll go bust some day.
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Most people do leverage trading, so no better place than an exchange. And then, they get caught in the crossfire.

Big hacks are not that common but with AI there are so many zero days that you cannot be sure about anything.
 
GNews said:
Lol It's now 335,203,725

Look how much money Binance makes per year and you realize............... this money lost is NOTHING for them
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yea, but what about me who lost all my bitcoin? i don't care about Binance :)
 
DozeX said:
yea, but what about me who lost all my bitcoin? i don't care about Binance :)
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You're insured by Binance.

They are going to give you a miniscule portion of their profits from this month.
 
GNews said:
You're insured by Binance.

They are going to give you a miniscule portion of their profits from this month.
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Still the withdrawal option is not available ...... im wondering how long will take them to enable that option again? I dont think the insurance works like that is seem like they have like 1 bilion only and the stolen funds where 6 bilion..... and i hear half of money was recovered like 3 bilion so far
 
rgwadulw said:
Still the withdrawal option is not available ...... im wondering how long will take them to enable that option again? I dont think the insurance works like that is seem like they have like 1 bilion only and the stolen funds where 6 bilion..... and i hear half of money was recovered like 3 bilion so far
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It will be a weird process to solve

The reason being, you can't simply rerefund and it's all good

Only 21 Million Bitcoin

A relatively small amount was stolen... 18,270

But if they simply giving people back the money, the stolen Bitcoin, it will push the market up tremendously

Because they will have to buy 18,270 new bitcoin injecting another , nearly $2 Billion into the market

If the hackers keep those coins.. All Bitcoin holders will make money. It could create a catalyst to a bull run in a wild theory
 
This might be the biggest attack in crypto history, and it shows that any cryptocurrency exchange can be hacked.
 
Koma said:
This might be the biggest attack in crypto history, and it shows that any cryptocurrency exchange can be hacked.
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I got Sherlock got no poop today
 
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