Polymarket · Circle · Tether · North Korea · CoinDesk
Binance drops $5.7 billion in 'biggest crypto hack in history'
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Binance, the world’s largest crypto exchange by volume, was exploited for more than $5 billion on Thursday in what would be the largest ever crypto attack.
Key facts
- BNB BNB $700.08, the native token of the Binance-linked BNB Chain, was lower by 8%, while AAVE AAVE $119.01 was down 11%
- The exploiter borrowed at least 20,000 wrapped ether (WETH), worth around $44 million, through decentralized lender Aave AAVE $119.01 using stolen USDT as collateral
- The hacker’s wallet now holds more than $5.7 billion in various cryptos stolen from Binance, according to Arkham, including nearly $1.5 billion in bitcoin and $900 million in ether
- Evgeny Gaevoy, CEO of crypto market maker Wintermute, posted on X that “Binance has enough to withstand 3-4x of current hit and still be largely intact
Summary
Binance suffered an exploit involving more than $5.7 billion in crypto assets, according to Arkham data, making it the largest crypto theft on record. Tether and Circle said they froze more than $2.3 billion in stablecoins as the suspected attacker moved assets through decentralized trading and lending platforms. Binance co-CEO Yi He said customer losses would be covered and user funds are safe. The hacker’s wallet now holds more than $5.7 billion in various cryptos stolen from Binance, according to Arkham, including nearly $1.5 billion in bitcoin and $900 million in ether.