Binance Faces Suspected $5.8 Billion Hack as Bitcoin Slides Under $79,000

Bitcoin fell below $79,000 on Thursday after reports of a suspected multibillion-dollar breach at Binance, the world's largest crypto exchange, with on-chain analysts putting potential losses at $5.8 billion.

Conor Grogan, a senior director at Coinbase, put the figure at $5.8 billion, citing on-chain data. Other on-chain records show roughly $3.55 billion in incoming transfers to a single unlabeled wallet. Blockchain security firm Blockaid said it is investigating $3.3 billion in suspicious outflows from Binance hot wallets across Ethereum, Arbitrum and Avalanche.

What has Binance confirmed?

Binance has issued no official confirmation of a breach. Co-founder Yi He wrote on X that the company is aware of reports of a potential security issue and that its security teams are reviewing all relevant information.

"We are aware of reports of a potential security issue and we are actively investigating… 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," Yi He wrote. "Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information."

Former CEO Changpeng Zhao, who remains a shareholder, wrote that the exchange appears to have been hacked and that he expects all user funds to be covered. "I don't manage Binance anymore, but as a shareholder, I expect all user funds will be fully covered," Zhao posted.

How did stablecoin issuers respond?

Tether froze more than 1.567 billion USDT, CEO Paolo Ardoino said. Circle froze about $823 million in USDC, according to Zhao. Combined freezes range from $1.8 billion to $2.4 billion depending on reports.

"Protecting the industry and our partners is our main priority," Ardoino said.

Blockchain researcher Spreek first flagged the suspicious activity, which reportedly included a transfer through a contract call allegedly funded by Tornado Cash. Aave reportedly froze its lending markets to block the suspected attacker from borrowing against stolen assets.

How large is the incident?

If confirmed, the incident would rank as the largest crypto theft on record, surpassing the February 2025 Bybit hack of roughly $1.5 billion. One estimate puts the realized loss near 0.7% of Binance customer assets, and other reports continue to revise totals upward and downward. Neither Binance nor law enforcement has released a formal account of the cause.

Binance.US said the incident does not affect its platform. Bybit, the victim of the 2025 hack, said it was unaffected: "systems are operating normally, trading and withdrawals remain available, and user assets remain secure," the exchange posted.

How did markets react?

Bitcoin traded at $78,800, down 2.89% — about $2,350 — over 24 hours. The price reached a session high of $81,890 around midday before sliding sharply after 4 p.m. ET, hitting a low of $78,177.37 once rumors of the hack circulated. Trading volume over the period reached about $26.14 billion, and bitcoin's market cap stood near $1.58 trillion.

The operational picture remains unsettled. Until Binance publishes a verified account of the outflows and the frozen funds are accounted for, markets will trade on partial on-chain data rather than confirmed figures.