FBI, Secret Service join Binance probe after record $6.3B hack
What happened
Binance suspended deposits and withdrawals after a suspected hack, now estimated by Chainalysis at about $5.912B stolen, nearly four times the 2025 Bybit theft. Binance says $2.54B in funds has been frozen and pledged to cover all losses, while Tether and Circle froze $2.4B. The FBI and US Secret Service are working with Binance, a source says. Binance co-founder Changpeng Zhao asked Elon Musk to stop trolling after the hack, pointing to Binance's $1 billion-plus SpaceX stake.
What it means for markets
The massive scale of the theft, now estimated at $5.9B, severely undermines confidence in crypto exchange security, likely pressuring Bitcoin and broader crypto markets. The swift freezing of $2.4B by Tether and Circle may limit panic, but the remaining $3.4B at large and any regulatory fallout could deepen the selloff. Bitcoin was down about 4% on Friday afternoon, holding up better than Ethereum, which tumbled as the hack triggered a risk-off wave and liquidations of leveraged positions.
What to watch
- Recovery of the remaining $3.4B at large
- Any regulatory actions or statements from US authorities
- Binance's resumption of deposits and withdrawals
Source timeline
- CNBC Why bitcoin held up better after the record Binance hack
- BBC Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea
- CNBC 'Bad time to troll': Binance cofounder Changpeng Zhao asks Elon Musk for 'respect' after post about bitcoin hack
- Reuters FBI and US Secret Service working with Binance after $6.3 billion hack, source says
- investingLive Ethereum tumbles as Binance hack triggers risk-off wave across crypto markets. What's next?
- investingLive Chainalysis estimates $5.9B stolen in suspected Binance hack, nearly 4 times Bybit
- investingLive Binance halts deposits and withdrawals, pledges to cover all losses from suspected hack
- investingLive Binance pauses withdrawals after suspected $3B+ hack as Tether, Circle freeze $2.4B