🚨 Binance hit by suspected ‘biggest crypto hack in history’, with losses estimated at over $6 billion Circle, Tether, Ripple and others freeze $2.54 billion; Binance pledges to cover all user losses Manisha Gupta explains #Binance #BinanceHack #Crypto #Bitcoi - LinkedIn

Binance has lost more than $6 billion in what is being called the biggest crypto hack in history. The cryptocurrency exchange has temporarily suspended all deposits and withdrawals following the sophisticated AI-assisted exploit. The attacker moved funds across 8 separate blockchain networks in just 15 minutes.

Binance estimates the net unrecovered exchange losses at $1 billion, while pledging to ensure all user losses are fully covered. The company is coordinating with industry partners to address the unprecedented breach.

Industry Response

Circle, Tether, Ripple and others have frozen $2.54 billion in stablecoins to prevent the stolen funds from being laundered through mixers. This coordinated action marks a significant development in responding to major crypto thefts.

The freeze in stable coins is done to prevent laundering in older hacks. The stolen funds would vanish into mixers immediately, something that perhaps won't happen this time.

Recent Breaches

The hack follows Poly Market's breach on October 29, where hackers drained $2.6 million from 700 user wallets. Poly Market has fixed the issue and users with $10,000 stolen will see funds automatically restored.

Other major hacks include Bybit losing $1.5 billion in 2025, Axie Infinity $620 million in 2022, Poly Network $611 million in 2021, and Coin Check $534 million in 2018. The Mt. Gox hack in 2014, which lost $450 million, remains a landmark incident in crypto history.