BINANCE - BIGGEST HACK EVER, $6.3 BILLION WORTH OF ASSETS STOLEN [UPDATED]

[PX-Z]

https://x.com/WatcherGuru/status/2115913607644860593

I hope it's not true, but... 

This is my first thought after reading that there is more than 1B usdt lost. A simple report to tether could stop the hacker getting those funds away, but unfortunately those  with other coins and tokens are unfortunately irreversible. I hope it won't be so much damage this time. Because the market is bleeding and were just getting bounce back, then this happen.

[mikel_012]

CZ expects that users' funds will be safe and on the other hand Binance officially says that they are investigating this important security issue but they did not say that this hacking incident will not have any impact on users' funds.

I do not know what is going to happen to users in the future. I also had some USDT, including previously invested altcoins, on Binance. Today, after hearing about this incident, I tried to withdraw my USDT(bep-20). Even after more than 20 minutes, it has not been approved yet. Where it says USDT(bep-20) withdrawal took 5 to 10 seconds.

God knows if our funds will be able to be withdrawn in the end. However, I have survived and moved my large amounts to USDT(Erc-20) in another non-custodial wallet a long time ago.

still pending

All withdrawals are frozen because of the hack of course

After every hack they need at least some hours. 8 hours or 1 day depending on how bad it was the hack, to understand what was the issue and to receive all the money they need (be with other funds or a loan) to let users take the money from the excxhange

All you can do is hope the hole is not too big

Binance has not confirmed or denied the hack yet, but pretty much everything points to it being real.

They confirmed they are investigating the security issue which confirms they did not do the $2 billion transaction to another wallet themselves. So it is basically confirmed that this is a hack

https://x.com/binance/status/2115918888429133902

[KingsDen]

Tether quickly froze $971m;
And Circle $823m also.

This is where centralisation also show it's beautiful. Tether has been responsive in freezing hacked coins. Almost every hack that happened, Tether has a way to mitigate the losses.

Any idea the total loss? I have been seeing different figures in the internet.

CZ I trust you that our funds are Safu, I have a few thousands dos there.

[Accardo]

Binance 14 got compromised through EIP 7702, $70 million worth of Wbtc was moved, about 18,000 btc, and couple other assets were taken out from the binance hot wallet too. Investigations are still ongoing. This seems like a group of nation state hackers in action, just few minutes after the polymarket hack, binance followed, rumors of Kucoin getting exploited is on the pipeline.

[100bitcoin]

Binance 14 got compromised through EIP 7702, $70 million worth of Wbtc was moved, about 18,000 btc, and couple other assets were taken out from the binance hot wallet too. Investigations are still ongoing. This seems like a group of nation state hackers in action, just few minutes after the polymarket hack, binance followed, rumors of Kucoin getting exploited is on the pipeline.

Mythos in action.

[Hypnotizer]

Any idea the total loss? I have been seeing different figures in the internet.

The hack is still ongoing I suppose… so there isn’t a figure for the Total loss yet.

But you can still keep following the new to find out though.

Right now it’s above $5B but that’s + the funds already frozen.

https://x.com/watcherguru/status/2115922259739349132?s=46

[Dogedegen]

I wonder if such news should be placed in a section like this. It is true that it affects an exchange directly, a service provider but it has impact on the whole space and it comes together with the last few months of things happening. I almost made a new thread about it, but luckily with deep search I found it from the beginners section linked in another thread.

We just can't get a break this year from all the hacks and chaos, really it is annoying. If even the biggest companies are not able to secure the funds and their infrastructure, that means that we are doing something very wrong together. It could be that the people that are hiring the engineers or the managers that are deciding to build products are doing it wrong. This is not a problem that is related to Binance before someone gets biased against them, this is a wider problem that is affecting the whole space but also other industries. I am very interested to learn the whole scope of the theft and the details of how it happened.

Binance 14 got compromised through EIP 7702, $70 million worth of Wbtc was moved, about 18,000 btc, and couple other assets were taken out from the binance hot wallet too. Investigations are still ongoing. This seems like a group of nation state hackers in action, just few minutes after the polymarket hack, binance followed, rumors of Kucoin getting exploited is on the pipeline.

Polymarket hacked? Do you have a link to that? How is it possible to compromise with EIP 7702?

[Crypto Library]

All withdrawals are frozen because of the hack of course

After every hack they need at least some hours. 8 hours or 1 day depending on how bad it was the hack, to understand what was the issue and to receive all the money they need (be with other funds or a loan) to let users take the money from the excxhange

All you can do is hope the hole is not too big

-----cut-----------

They confirmed they are investigating the security issue which confirms they did not do the $2 billion transaction to another wallet themselves. So it is basically confirmed that this is a hack
https://x.com/binance/status/2115918888429133902

Even I searched a lot to see if they have made any official announcement that they have stopped users' withdrawals due to this hacking incident, but so far they have not made any official statement about it, but yes, it is definitely understood that they are not approving users' fund withdrawals due to this hacking incident, even I have asked some of my friends to withdraw and they are also facing the same thing.

Initially, I was hoping that the hole might be small in this incident, but, after seeing this news from cointelegraph, I feel that this time the hole is not going to be small, but it is going to be deep.



And aslo Binance's Secure Asset Fund for Users only holds 15,000 Bitcoins, worth about $1 billion, so how will they handle the loss if it exceeds $5 billion? 

[arallmuus]

CZ I trust you that our funds are Safu, I have a few thousands dos there.

Total amount drained estimated to be over $5B and total amount of stablecoins freezed estimated to be around $2B so thats still minus $3B compromised

Their SAFU funds is estimated to be around $1.2B so thats not gonna be enough to cover everything. Total amount compromised is roughly 2-3% of Binance total asset but still this is gonna hurt them business wise


All of these are estimation so far and we will need to wait until Binance fixed things up and release the actual number

[salad daging]

Total amount drained estimated to be over $5B and total amount of stablecoins freezed estimated to be around $2B so thats still minus $3B compromised

Their SAFU funds is estimated to be around $1.2B so thats not gonna be enough to cover everything. Total amount compromised is roughly 2-3% of Binance total asset but still this is gonna hurt them business wise

Binance's total assets are $150b according to Arkham data, so indeed this does not touch 10% more than the overall total, although it can be said that Binance will not go bankrupt, still losses throughout history occur now in the modern era.

- https://arkm.com/explorer/entity/binance

All of these are estimation so far and we will need to wait until Binance fixed things up and release the actual number

It is likely that the losses will continue to grow, some analysts still continue to report until now.

I avoided Binance for a while.

[KingsDen]

Any idea the total loss? I have been seeing different figures in the internet.

The hack is still ongoing I suppose… so there isn’t a figure for the Total loss yet.

But you can still keep following the new to find out though.

Right now it’s above $5B but that’s + the funds already frozen.

https://x.com/watcherguru/status/2115922259739349132?s=46

I see, this is a sophisticated attack. I heard that Binance has suspended all withdrawals and yet, the attack is still ongoing. This must come from inside. Let's await Binance announcement. I fear that people who panic will fall for scammers who might pose as Binance rep to help them.

CZ I trust you that our funds are Safu, I have a few thousands dos there.

Total amount drained estimated to be over $5B and total amount of stablecoins freezed estimated to be around $2B so thats still minus $3B compromised

Their SAFU funds is estimated to be around $1.2B so thats not gonna be enough to cover everything. Total amount compromised is roughly 2-3% of Binance total asset but still this is gonna hurt them business wise

There was when I read that they increased their Safu funds, is it still below $2b?  Shit!

[yahoo62278]

All withdrawals are frozen because of the hack of course

After every hack they need at least some hours. 8 hours or 1 day depending on how bad it was the hack, to understand what was the issue and to receive all the money they need (be with other funds or a loan) to let users take the money from the excxhange

All you can do is hope the hole is not too big

-----cut-----------

They confirmed they are investigating the security issue which confirms they did not do the $2 billion transaction to another wallet themselves. So it is basically confirmed that this is a hack
https://x.com/binance/status/2115918888429133902

Even I searched a lot to see if they have made any official announcement that they have stopped users' withdrawals due to this hacking incident, but so far they have not made any official statement about it, but yes, it is definitely understood that they are not approving users' fund withdrawals due to this hacking incident, even I have asked some of my friends to withdraw and they are also facing the same thing.

Initially, I was hoping that the hole might be small in this incident, but, after seeing this news from cointelegraph, I feel that this time the hole is not going to be small, but it is going to be deep.



And aslo Binance's Secure Asset Fund for Users only holds 15,000 Bitcoins, worth about $1 billion, so how will they handle the loss if it exceeds $5 billion? 

I can confirm I have 4 frozen transactions of USDC and USDT currently. They're just from my wallet, not binance but I am told the whole network is frozen. I wouldn't ask anyone to send anything for now.

[Dogedegen]

CZ I trust you that our funds are Safu, I have a few thousands dos there.

Total amount drained estimated to be over $5B and total amount of stablecoins freezed estimated to be around $2B so thats still minus $3B compromised

Their SAFU funds is estimated to be around $1.2B so thats not gonna be enough to cover everything. Total amount compromised is roughly 2-3% of Binance total asset but still this is gonna hurt them business wise

All of these are estimation so far and we will need to wait until Binance fixed things up and release the actual number

Any loss hurts, but they are big enough that this is not anything considerable. They can earn this back up in a few years at most. People underestimate how huge and profitable Binance is. Also it seems that people don't understand how rich an exchange is if it has smart operating procedures and still is willing or needs to keep $5 billion in hot wallets. They will be more than fine. The more interesting and important points of this story is how exactly it has happened, if assets across networks are compromised that would indicate it is related to the infrastructure holding the private keys. A smart contract hacking ETH tokens or ETH balances would not lead to them losing Bitcoin.

And aslo Binance's Secure Asset Fund for Users only holds 15,000 Bitcoins, worth about $1 billion, so how will they handle the loss if it exceeds $5 billion? 

It does not seem that you understand how a privately owned business operates..

I can confirm I have 4 frozen transactions of USDC and USDT currently. They're just from my wallet, not binance but I am told the whole network is frozen. I wouldn't ask anyone to send anything for now.

Which network is that?

[yahoo62278]

CZ I trust you that our funds are Safu, I have a few thousands dos there.

Total amount drained estimated to be over $5B and total amount of stablecoins freezed estimated to be around $2B so thats still minus $3B compromised

Their SAFU funds is estimated to be around $1.2B so thats not gonna be enough to cover everything. Total amount compromised is roughly 2-3% of Binance total asset but still this is gonna hurt them business wise

All of these are estimation so far and we will need to wait until Binance fixed things up and release the actual number

Any loss hurts, but they are big enough that this is not anything considerable. They can earn this back up in a few years at most. People underestimate how huge and profitable Binance is. Also it seems that people don't understand how rich an exchange is if it has smart operating procedures and still is willing or needs to keep $5 billion in hot wallets. They will be more than fine. The more interesting and important points of this story is how exactly it has happened, if assets across networks are compromised that would indicate it is related to the infrastructure holding the private keys. A smart contract hacking ETH tokens or ETH balances would not lead to them losing Bitcoin.

And aslo Binance's Secure Asset Fund for Users only holds 15,000 Bitcoins, worth about $1 billion, so how will they handle the loss if it exceeds $5 billion?  

It does not seem that you understand how a privately owned business operates..

I can confirm I have 4 frozen transactions of USDC and USDT currently. They're just from my wallet, not binance but I am told the whole network is frozen. I wouldn't ask anyone to send anything for now.

Which network is that?

They are all 4 on the eth network. Less than $200 total but not the point. These transactions have been pending for a few hours now.


**EDIT**
Actually just checked and the transactions have now gone through.

[Delaforetnoire]

https://x.com/kairos_res/status/2115915408721293437?s=46

Reportedly the funds they’ve been hacked exceeds $5B..

At first saw that $2.71B had been hacked. But few minutes later we saw another news report saying that a total of $5.0B had been hacked.

This amount increased within a moment, we couldn't understand anything. Everyone is waiting to see the statement about how much was lost in the end.

[coupable]

In the history of hacks, this is one of the fastest I have seen. Tether and Circle take action, which is impressive. At least centralized tokens have somehow been useful; out of the $2.5 billion, $1.8 billion has already been frozen (that is, if that’s the only stolen amount).

The precise value of the compromised assets is still unknown to us. One of the above responses states that more than $5 billion has been compromised in relation to Binance hack today. Without an official statement, who should we trust right now? Also the loopholes that lead to the incident are still unknown. It seems that Binance is considering social stigma as well.

[salad daging]

In the history of hacks, this is one of the fastest I have seen. Tether and Circle take action, which is impressive. At least centralized tokens have somehow been useful; out of the $2.5 billion, $1.8 billion has already been frozen (that is, if that’s the only stolen amount).

The precise value of the compromised assets is still unknown to us. One of the above responses states that more than $5 billion has been compromised in relation to Binance hack today. Without an official statement, who should we trust right now? Also the loopholes that lead to the incident are still unknown. It seems that Binance is considering social stigma as well.

There is already an official statement from Binance! that the total assets frozen at $2.54 billion, they say this will continue to grow more often time because all of it is still not confirmed with certainty.
- https://x.com/binance/status/2115947325617299903

The exploited Arkham Data is $5,875,640,491. https://arkm.com/explorer/entity/21a94755-f604-45e5-9501-6542e23005e8
Other Dashboar tracking you can see here. https://binance.lamps.works/

[taufik123]

What the hell is this, the current crypto world, is now Binance that is the target and even the biggest hack with $5.8B.
Hackers are currently dumping assets such as $PEPE, $LINK, $UNI, and $ENA on-chain, this will make a price drop on some of the mentioned coins, Get ready to hold on to
USDT, USDC, USD1 are all frozen.


https://x.com/lookonchain/status/2115948651554157043


This is crazy, Binance is the last target to inflict more losses and is still waiting for further information whether it is related to the previous hack that occurred on Bitget and some of the hardware wallets that were implanted.

[BitMaxz]

I just checked the app; it asks for an update. I just want to take my USDT out from Binance, but it looks like it's just working fine.
Except for those other USDT networks, I see 6 networks were being suspended, such as DOT, SOL, Near, Optimism, AVAXC, and Polygon, but the other networks are just working fine; they just transfer a few USDT to another exchange, and it's all just fine.

I don't know if it recently froze my account, but I never received any news or announcements in my Gmail.
It seems they immediately took some action and solved the case. We already know how Binance handles their customers. We already know that all of their funds are split to different secured wallets, so I think the affected wallet is from the Binance customer's funds.

[greysonz]

6 billion. The most revealing lesson for those who kept coins there, not understanding the principle "not your keys, not your coins."