China · Bitcoin · BBC Technology
Binance says it is beginning to recover crypto funds after $6.3bn hack thought to be largest ever
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Binance is the world's largest cryptocurrency exchange by trading volume, where people can buy, sell and trade digital currencies, like Bitcoin, as well as deposit and withdraw them.
Key facts
- AI-powered investigations company TRM Labs said in a report several elements of the Binance attack resembled earlier incidents linked to the territory, including a $1.5bn (£1.1bn) hack on the ByBit
- According to Solcard, a crypto-funded prepaid payment and virtual card platform, somewhere between 560 million and 741 million people own crypto worldwide in 2026
- Binance, the world's largest crypto exchange, has been hit by what is believed to be the largest crypto hack ever at $6.3bn (£4.7bn)
- In 2024, the company said it has more than $160bn in assets
Summary
Binance, the world's largest crypto exchange, has been hit by what is believed to be the largest crypto hack ever at $6.3bn (£4.7bn). Crypto is a type of digital asset which does not exist physically like cash or coins. Richard Teng, Binance's co-chief executive officer, said it is working with the authorities to work out what has happened and it will cover all losses. Binance says it is beginning to recover crypto funds after $6.3bn hack thought to be largest ever.