Binance has been hit by the biggest hack the industry has ever seen, with losses estimated at up to $6.3 BILLION.
The whole market is now bleeding.
Bitcoin has slipped under $77,000, down over 6%, as fear spreads everywhere.
The damage in numbers:
• $6.3 BILLION: Newest estimate of assets taken from Binance across several blockchains.
• $170 BILLION: Erased from total crypto market cap since the news broke.
• $1.39 BILLION: Leveraged positions liquidated within just 12 hours.
Now compare it with the largest hacks on record:
• Binance (2026): Up to $6.3 BILLION.
• Bybit (2025): $1.5 BILLION.
• Ronin Network (2022): $625 MILLION.
• Poly Network (2021): $611 MILLION.
• BNB Bridge (2022): $570 MILLION.
• Coincheck (2018): $534 MILLION.
• Mt. Gox (2014): About $450 MILLION at the time.
At the top estimate, the Binance hack is over FOUR TIMES the size of Bybit and TEN TIMES the size of Ronin.
It also beats all SIX of the other hacks above added together.
And it hit one of the biggest exchanges on the planet.
1. BILLIONS TAKEN FROM SEVERAL BINANCE WALLETS
On October 29, attackers took over multiple Binance hot wallets and moved out billions.
• Roughly $3.3–$3.5 BILLION left the Ethereum wallets alone.
• Binance 14 lost about $2.5 BILLION in one transaction.
• That covered 167,464 ETH, 1.615 BILLION USDT and dozens of other tokens.
• Binance 16 lost a further 28,006 ETH plus other assets.
• Hot Wallet 34 was also hit, with around $823 MILLION in USDC affected.
• More funds were pulled from Arbitrum, Avalanche, Optimism, Bitcoin, Tron and other chains.
The attackers kept going.
They swept the compromised wallets again whenever fresh deposits landed.
2. THE ATTACK WAS PLANNED IN ADVANCE
Preparation started on October 28–29.
• The attackers funded their working wallet through Tornado Cash.
• They deployed a malicious contract built to drain assets.
• They ran tests on other wallets before going after Binance.
• At about 20:20 UTC on October 29, the mass transfers began.
Afterwards, they spread the loot across many addresses, swapped stablecoins for ETH and bridged assets between chains.
3. HOW THE ACCESS HAPPENED
The attackers got hold of the signing authority behind several Binance hot wallets.
They used Ethereum's EIP-7702 feature to hand a malicious contract control of Binance 14.
They sent 50 signed authorizations covering consecutive wallet nonces, and one went through.
After that, the wallet could be emptied again and again.
Other Binance wallets were drained with ordinary transactions.
This was not an attack on the Ethereum network.
Binance's early findings point to a compromised DevOps engineer's laptop, with no evidence that a private key leaked. The full investigation is still ongoing.
4. ABOUT $3 BILLION IN STOLEN FUNDS FROZEN
• Tether froze over $1.56 BILLION in linked USDT.
• Circle froze about $823 MILLION in USDC.
• Ripple reportedly froze another $200 MILLION.
• Arbitrum's Security Council secured around $30.5 MILLION.
• Other projects froze connected assets too.
Total frozen funds sit at roughly $2.5–$3 BILLION.
Still, a huge amount of ETH, BTC and other assets is beyond the reach of those freezes.
Binance paused deposits and withdrawals and said it is investigating, while insisting customer funds are safe.
The $6.3 billion estimate equals nearly 4.4% of the $144 billion Binance holds in custody.
Even the low estimate of $3.3 billion is more than TWICE the Bybit hack.
Final losses are still being counted because so much has been frozen.
But the fallout is already spreading well beyond Binance.
This is one of the worst security failures crypto has ever seen.
