Hack hits cryptocurrency exchange Binance, causing $6.3B loss

Binance, the world’s largest cryptocurrency exchange, suffered an apparent hack on Thursday, resulting in an estimated loss of more than $6 billion.

The exact nature of the attack was not immediately clear. Binance’s founder, crypto billionaire Changpeng Zhao, said it “does look like a hack,” while a company spokesperson referred to it as a “security incident.”

The company said it had suspended all deposits and withdrawals and that its customers would be made whole.

“Binance will cover all losses,” the spokesperson said, adding that the “estimated total impact” was around $6.3 billion.

But news of the security breach caused chaos in the crypto industry, which has faced a string of damaging cyberattacks over the years. In February 2025, Bybit, one of Binance’s top rivals, lost $1.5 billion to North Korean hackers — the largest heist in crypto history. The Binance attack appears poised to top it.

Binance has weathered years of legal and regulatory problems. In 2023, the company pleaded guilty to violating anti-money-laundering laws and paid $4.3 billion in penalties to the U.S. government. Zhao was sentenced to four months in federal prison.

After his release, Zhao received a pardon from President Donald Trump. Binance has also forged a business relationship with the Trump family crypto business, World Liberty Financial, a major source of the president’s wealth.

Binance plays a crucial role in the crypto industry. It is the world’s largest marketplace for digital coins, a platform that customers use to swap traditional currencies for bitcoin, ether and other types of crypto.

But like many crypto exchanges, it also operates as something akin to a bank. Customers store their holdings on Binance, relying on the exchange to keep their funds safe.

As news of the apparent theft spread on Thursday, Binance’s industry peers rushed to its aid. Tether, a major crypto platform, said it had frozen more than $1.5 billion in crypto related to “a potential Binance hack.” Circle, another crypto firm, said it had frozen more than $800 million “associated with the incident.”

It was not entirely clear how Binance’s systems were breached. In a statement, the company spokesperson said that an attacker might have compromised an engineer’s laptop, leading to unauthorized withdrawals.

“Our teams are working around the clock to resolve this issue safely and thoroughly,” he said. “We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.”

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This article originally appeared in The New York Times.

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