Binance Suffers Largest Hack in History, Promises to Cover All Losses
Cryptocurrency exchange Binance was reportedly hit by what appears to be the largest hack in history on October 29th, with an estimated amount of stolen funds ranging from $1.7 billion to $5.7 billion.
Binance's founder, Changpeng Zhao, and the official Binance account confirmed the attack and announced that deposit and withdrawal functions have been suspended, and they are cooperating with law enforcement. They also pledged that the platform would fully cover the losses.
Stablecoin issuers Tether and Circle immediately froze approximately $3 billion in assets suspected of being involved. If the final figures are confirmed, this would surpass the $1.5 billion stolen from Bybit in 2025.
Market analysts believe that despite the significant losses, Binance has a strong ability to withstand risks due to its insurance fund and balance sheet.
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