Binance is probing a suspected breach after wallets associated with the exchange on the Ethereum, Bitcoin and TRON chains recorded outflows estimated at $5.7 billion, according to The Kobeissi Letter.
The withdrawals are said to contain $1.45 billion in Bitcoin and $875 million in Ether. If the figures are verified, the incident would surpass the $1.5 billion theft from Bybit in February 2025, making it the largest crypto hack on record.
What Binance Has Said
Binance has not confirmed the total loss amount. Co-founder Yi He stated the platform is aware of reports about a possible security issue and that its security teams are reviewing the case as a priority.
Founder Changpeng Zhao described the activity as resembling a hack on Binance, assured that user funds remain safe and expects full compensation.
The exchange has temporarily halted both deposits and withdrawals while the investigation proceeds.
Billions Frozen
Binance reported that $2.54 billion in assets linked to the event have been frozen so far, with the amount likely to increase as tracing continues. Tether said it froze over 1.567 billion USDT, and Circle froze more than 800 million USDC.
Arkham Intelligence, a blockchain analytics firm, shows roughly $5.8 billion held across wallets tied to the attacker, though this is not a confirmed loss figure.
Binance has been active in Pakistan, having received an NOC to start the registration process last year.
