Binance is looking into a suspected hack that may have drained up to $5.7 billion from user wallets, potentially marking the largest crypto hack in history. The incident prompted Binance to limit withdrawals, and other platforms have frozen over $1 billion in cryptocurrencies. Co-founder Changpeng Zhao confirmed the investigation is ongoing, emphasizing that user funds are safe. This event follows a series of cyberattacks in October, raising concerns about the security of cryptocurrency exchanges.
Key facts
- Binance is investigating a potential hack involving up to $5.7 billion in losses.
- Changpeng Zhao stated the exchange appears to have been hacked.
- Analysts estimate between $1.7 billion and $5.7 billion was taken.
- Binance has limited withdrawals and other platforms froze over $1 billion.
- The suspected hack could surpass the $1.5 billion stolen from Bybit in 2025.
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