Binance hackers stole $6.3 billion in record-breaking crypto heist

<figure> <img alt="An illustration of falling coins with crypto logos on." data-caption="Binance says it will cover all loses resulting from the hack. | Image: Cath Virginia / The Verge, Turbosquid" data-portal-copyright="Image: Cath Virginia / The Verge, Turbosquid" data-has-syndication-rights="1" src="https://platform.theverge.com/wp-content/uploads/sites/2/2025/05/STK428_CRYPTO_D.jpg?quality=90&#038;strip=all&#038;crop=0,0,100,100" /> <figcaption> Binance says it will cover all loses resulting from the hack. | Image: Cath Virginia / The Verge, Turbosquid </figcaption> </figure> <p class="wp-block-paragraph">Binance has disclosed that <a href="https://x.com/binance/status/2115993361517891592">$6.3 billion worth of crypto funds</a> have been stolen from the platform, in what's believed to be the biggest cryptocurrency hack on record. In a <a href="https://x.com/binance/status/2115960292115124558">series of updates</a> posted <a href="https://x.com/binance/status/2115918888429133902">to X</a>, the crypto exchange said that user funds are safe, and that around <a href="https://x.com/binance/status/2115970069696217576">$3 billion</a> of the impacted assets have been frozen so far.</p> <p class="wp-block-paragraph">Binance has <a href="https://x.com/binance/status/2115981055043981791">publicly committed</a> to covering any losses resulting from the hack. The company has an emergency reserve fund of around $1.3 billion (at last valuation) to protect user assets in these situations, and said it has also <a href="https://x.com/binance/status/2116121748555153621">reserved over $6.34 billion</a> of company funds to cover this incident - $5 billion of which …</p> <p><a href="https://www.theverge.com/tech/1023021/binance-hack-billions-biggest-crypto-heist">Read the full story at The Verge.</a></p>