Key facts
- Binance reported a $6.3 billion security breach, the largest crypto heist on record.
- Binance will cover all hacking losses, with about $3 billion of the stolen assets located so far.
- The crypto industry has experienced numerous thefts, raising concerns about fund security.
Binance, the world's largest cryptocurrency exchange, has experienced a security breach resulting in an estimated $6.3 billion impact, marking the largest crypto heist to date. The exchange stated it has worked with partners to freeze the affected assets, locating approximately $3 billion so far. Binance co-founder Yi He assured that the company would cover all hacking losses.
The cryptocurrency industry has been plagued by numerous thefts, leading to concerns about the security of customer funds and prompting investors to reconsider the risks associated with digital assets. Notable past incidents include a $1.5 billion theft from Bybit in February 2025, a $540 million hack of the Ronin Network in March 2022, and a $320 million theft from Wormhole in February 2022, where Jump Trading later replaced the stolen funds. Poly Network lost $610 million in August 2021, and Tokyo-based exchange Coincheck reported a $530 million theft in January 2018, with North Korean hacking groups suspected. Historically, Mt. Gox, a Tokyo-based bitcoin exchange, lost close to $500 million worth of Bitcoin between 2011 and 2014, leading to its bankruptcy.