What we know about Binance's $6.3bn hack

On October 29, Binance, the world’s largest crypto exchange, reported investigating a "potential security issue" involving very large transfers on its platform. By October 30, the situation escalated as Tether and Circle froze over $1.5 billion and $1 billion in stablecoins respectively, amid fears of a hack. The same day, Binance confirmed that at least $2.54 billion in funds had been frozen, with founder CZ Zhao suggesting it "does look like a hack." On November 1, the estimated damage reached up to $6.3 billion, making it potentially the largest crypto heist ever. As of November 2, Binance customers withdrew over $4.7 billion in assets after the exchange reopened with partial services restored and announced covering around 95% of stolen funds using company resources. The incident highlights growing risks in cryptocurrency security and investor confidence.