$BNB What looks like the largest exchange hack in crypto history is unfolding at Binance. On-chain data shows billions draining from Binance hot wallets on Ethereum, Arbitrum and Avalanche, with estimates ranging from about $2.8 billion to as high as $5.8 billion, according to analysts cited by The Block. Binance has paused withdrawals on multiple networks and says it is investigating a potential security issue, while CZ said it "does look like a hack" and that he expects user funds to be fully covered.
The response was fast: Tether and Circle froze more than $2 billion in USDT and USDC, Ripple froze around $200 million in RLUSD, and Aave froze its Ethereum markets to stop the attacker from borrowing. The market still took a hit. BNB dropped more than 6%, BTC slid toward $78.8K, and about $628 million in positions were liquidated within an hour, almost all longs.
What I'm watching: whether Binance confirms the exact loss, how fast withdrawals reopen, and whether the attacker manages to move the roughly 195K ETH still sitting in one wallet. Clear communication in the next 24 hours will decide whether this stays a hack or turns into a confidence crisis.
The response was fast: Tether and Circle froze more than $2 billion in USDT and USDC, Ripple froze around $200 million in RLUSD, and Aave froze its Ethereum markets to stop the attacker from borrowing. The market still took a hit. BNB dropped more than 6%, BTC slid toward $78.8K, and about $628 million in positions were liquidated within an hour, almost all longs.
What I'm watching: whether Binance confirms the exact loss, how fast withdrawals reopen, and whether the attacker manages to move the roughly 195K ETH still sitting in one wallet. Clear communication in the next 24 hours will decide whether this stays a hack or turns into a confidence crisis.