- At least $5.57 billion in crypto exited Binance-linked wallets on Ethereum, Bitcoin, and Tron on Thursday, with Binance confirming it is investigating a potential security issue.
- Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving wallet, totaling roughly $1.8 billion in frozen stablecoins.
- Bitcoin fell below $79,000, BNB dropped approximately 7%, and privacy coin Monero rose about 6% amid the market reaction.
At least $5.57 billion in crypto has left wallets linked to Binance across three blockchains in what appears to be a breach of the world’s largest cryptocurrency exchange. If confirmed as a hack, it would be the biggest crypto theft on record, more than tripling the roughly $1.5 billion Bybit heist from February 2025.
Binance has not confirmed an exploit but posted on X that it is aware of reports of a potential security issue and is actively investigating. “We have not confirmed any impact to user funds,” the company stated.
The funds came from Binance’s hot wallets, with on-chain data showing $3.51 billion moved on Ethereum, $1.44 billion in Bitcoin, and $630 million on Tron. The first Ethereum transaction, per Etherscan, sent 167,464 ETH plus 63 token transfers to a new address.
Three minutes earlier, an address funded through Tornado Cash submitted a delegation for a Binance hot wallet using EIP-7702, an Ethereum feature that allows a normal wallet to execute smart-contract code. Odysseas Lamtzidi, founder of Phylax Systems, explained that the delegation persists and can authorize later transfers without another signature.
Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving address, bringing the total frozen to roughly $1.8 billion. Circle CEO Jeremy Allaire posted on X that the company froze more than 800M USDC in coordination with law enforcement.
Market reaction was swift, with Bitcoin sliding below $79,000 and BNB falling about 7% to roughly $699. Monero rose about 6% to $637, echoing a similar jump after a $333 million Bitcoin theft in April 2025.
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