If confirmed, the theft would be the largest in crypto history. On-chain data show the wallet labeled Binance 14 sent 167,464 ETH and 63 tokens to a new address in a single transaction, followed by transfers from a second wallet. Estimates of the total outflow range from about $2.5 billion to $3.5 billion, all above the $1.5 billion stolen from Bybit in February 2025. Additionally, as a precaution, Binance paused withdrawals on multiple networks.
A Binance spokesperson said:
“Our teams are aware of reports of a potential security issue and are actively investigating. Rest assured that user funds are completely safe.”
Stablecoin issuers acted within the hour. Tether froze more than 1.567 billion USDT and Circle more than 800 million USDC, but about 195,470 ETH, worth over $440 million, couldn’t be frozen and now remains with the attacker. The address behind the attack was funded through the Tornado Cash mixer, and it’s still unclear how the attacker gained control of the wallet.
Changpeng Zhao, Binance founder, stated:
“I don’t manage Binance anymore, but as a shareholder, I expect all user funds will be fully covered.”
Zhao, who stepped down as CEO in 2023, described the incident as a hack on X, but added that user funds are safe.
