Breaking: $2.77 billion potential hack at Binance

• $2.77 billion likely stolen in Binance hack on Thursday.
• $2.77 billion was transferred across five blockchains, on-chain data shows. The funds moved from addresses labelled as Binance hot wallets to unconfirmed wallets.
• User funds remain safe, Binance founder and former CEO Changpeng Zhao maintained, while saying the exchange had likely been hacked.

$2.77 billion may have been stolen from crypto exchange Binance in a hack on Thursday. On-chain data showed funds moving from the exchange’s hot wallets to unconfirmed addresses across five blockchain networks.

In a post on X, Binance founder and former CEO Changpeng Zhao said a hack was likely, while maintaining that user funds were safe. Following the transfers, stablecoin issuers Tether and Circle froze stablecoins worth $971 million and $873 million, respectively.

A similar comment appeared on Binance’s official X account.

In its statement, Binance wrote: "Our teams are aware of reports of a potential security issue and are actively investigating," adding: "Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information."

Following the update, Bitcoin (BTC) fell below $80,000 and Ethereum (ETH) below $2,300 as the crypto market declined. According to Coinglass data, the move triggered roughly $600 million in liquidations within 1 hour.

(This is a developing story and will be updated as new information comes to light.)