Massive Binance hack sends Bitcoin tumbling as billions vanish in biggest crypto breach ever

The crypto market took a heavy blow on Friday after crypto exchange Binance was hit by what researchers describe as the largest hack in the sector’s history. In total, digital assets worth an estimated $6.3 billion were affected, triggering immediate panic among investors and putting heavy pressure on Bitcoin’s price. At the time of writing, Bitcoin is trading at $77.000 after falling to $76.000 earlier in the day.

Withdrawals

In response to the attack, Binance decided to temporarily suspend customer withdrawals. The company is working with external researchers and blockchain analysts to trace the stolen funds and prevent further damage. According to a Binance post on X, about $3 billion of the affected assets has now been “frozen on-chain”. That means a significant portion of the haul cannot be moved or sold for now.

The scale of the attack sent shockwaves through the crypto market. Investors rushed to reduce risk, causing Bitcoin and several major altcoins to suffer sharp losses. Analysts warn that the incident raises fresh questions about the security of centralised crypto exchanges, even when they are market leaders with extensive security measures.

Confidence

Binance executive Yi He sought to allay users’ concerns. In a separate post on social media, she said withdrawals are expected to be available again by Sunday. The company stressed that it is doing everything possible to protect customers and assess the full impact of the attack.

Yet the hack risks having a lasting impact on confidence in the crypto sector. The attack surpasses previous known thefts in the industry and could become one of the most discussed incidents in the history of digital assets.

For investors, the coming days will largely be a waiting game to see whether Binance can recover a large share of the stolen funds. That outcome could prove decisive for Bitcoin’s subsequent price movements and those of the wider crypto market.