Binance confirms $6.3 billion cyberattack, the largest crypto theft in history

Binance confirmed a massive cyberattack on its platform, with estimated losses of $6.3 billion, making it the largest such theft in cryptocurrency history. The exchange initially issued contradictory statements on X, first claiming client funds were "totally safe" before announcing it would cover all losses. Approximately $3 billion in affected assets have been frozen on-chain so far, with Binance working with blockchain partners and authorities to identify additional funds. Tether and Circle, issuers of major stablecoins, froze about $1.6 billion and $800 million respectively in connection with the potential attack. Bitcoin briefly dropped nearly 5% before recovering, while Binance's BNB token rebounded after a 10% decline. The attack surpasses the $1.5 billion Bybit theft in February 2025, attributed to North Korean-linked hackers. Former Binance CEO Changpeng Zhao suggested losses could exceed $1 billion. The incident comes amid concerns that AI advancements could weaken cryptographic security, though experts note no practical application exists yet.