Binance hit by suspected $6 billion hack in potentially largest crypto attack ever

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Binance hit by suspected $6 billion hack

Analysts identify $5.57 billion in transfers and potential vulnerability

According to preliminary estimates, suspicious transactions totaled $3.51 billion on Ethereum, $1.44 billion on Bitcoin, and approximately $630 million on Tron. The transfers included 18,270 BTC.

One of the largest transactions occurred at 20:24 UTC. A total of 167,464 ETH and 63 types of tokens, including approximately 1.615 billion USDT, were transferred from an exchange hot wallet to a newly created address.

Researchers highlighted a transaction executed approximately three minutes before the transfer. According to their findings, an address that had previously received funds through Tornado Cash initiated a delegation of authority over a Binance wallet using the EIP-7702 mechanism.

Phylax Systems founder Odysseas Lamtsidis explained that this Ethereum feature allows a regular wallet to execute smart contract code. Once delegation is established, the code can initiate subsequent transactions without requiring the owner's signature again.

However, it remains unclear how the initial signature may have been obtained and whether this mechanism was actually used to withdraw assets without authorization.

Amid the suspicious transactions, Tether froze approximately 975.1 million USDT, while Circle froze another 823 million USDC at the main recipient address. The combined value of the frozen stablecoins approached $1.8 billion.

Circle CEO Jeremy Allaire confirmed that the company was monitoring reports of a possible attack on Binance and cooperating with law enforcement agencies.

If the hack is confirmed and the assets in question are found to have been stolen, the incident could become the largest in cryptocurrency market history. By comparison, attackers stole approximately $1.5 billion from the Bybit exchange in February 2025.

Binance investigates incident amid cryptocurrency market decline

Reports of the possible hack coincided with falling prices among major cryptocurrencies. Bitcoin dropped below $79,000, losing approximately 2.6% over 24 hours, while BNB fell about 7% to $699. Meanwhile, Monero gained approximately 6%.

The scale of the suspected incident remains under investigation. The $5.57 billion figure represents a preliminary estimate of assets transferred, not a confirmed amount stolen. Binance has yet to disclose technical details or report any potential losses.

Amid the Binance investigation, Indian cryptocurrency exchange CoinDCX reported financial losses of its own. The company acknowledged a $15.99 million loss caused by a failure in internal procedures that allowed customer deposits to continue flowing into a decommissioned wallet.

CoinDCX said it covered the losses with its own funds and that user balances, active wallets, and trading systems were unaffected. Management also acknowledged that information about the incident could have been disclosed earlier.

Earlier, we reported that three cryptocurrency projects suffered hacker attacks on the same day. Combined losses from the incidents exceeded $11 million.

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