Binance Hack — Largest in Crypto History (~$5.9B Stolen)
Binance was hacked with approximately $5.9 billion stolen across ETH, BTC, and TRON networks. The exchange suspended deposits/withdrawals, pledged to cover all losses, and approximately $3 billion has been frozen with help from Tether, Circle, and the Arbitrum Security Council.
What we know
Chainalysis estimates $5.912B stolen, nearly 4× the 2025 Bybit hack. Binance co-founder Yi He confirmed "User funds are safe. Binance will cover all hacking losses" while deposits/withdrawals are suspended. CZ, no longer managing Binance day-to-day, confirmed he expects full coverage as a shareholder and praised Tether (~$971M frozen) and Circle (~$823M frozen) for quick action. The verified total frozen reached approximately $3B. The Arbitrum Security Council took emergency action to rescue 74,559,805 ARB and 8,425 ETH, with an account on X confirming ~$30.5M frozen on Arbitrum. The hacker dumped major altcoins — UNI, ENA, PEPE, LINK, AAVE, ONDO, WLD — swapping into 70,480 ETH ($158M). CoinDesk reported the hack drained proof-of-reserve wallets backing customer assets directly. Notably, BNB was untouched, which some found suspicious. Elon Musk reacted with "Everyday is Zeroday" (2.4M views).
How the story developed
Binance was hacked with approximately $5.9 billion stolen across ETH, BTC, and TRON networks. The exchange suspended deposits/withdrawals, pledged to cover all losses, and approximately $3 billion has been frozen with help from Tether, Circle, and the Arbitrum Security Council.
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Bitcoin mining company MARA Holdings transferred two tranches of 1,000 BTC each (~$161M combined) to BitGo custody within 12 hours, raising questions about institutional selling pressure near FOMC.
A cluster of institutional crypto developments: Ark Invest bought $2.9M in Circle stock, Robinhood's crypto revenue fell 55% YoY but beat estimates, and JPMorgan's deposit token on Ethereum went live for permissioned use in tokenized stock settlement.
Robinhood CEO Vlad Tenev opened Q3 earnings by heavily promoting Robinhood Chain and committing to ramping up builder support. Revenue beat expectations at $1.42B (+12% YoY), fueling bullish CT sentiment.
CZ rang the Nasdaq opening bell for BNB Standard today, marking a symbolic moment for crypto-TradFi convergence. Simultaneously, Chainlink launched CustodySync for institutional DeFi access and Ripple launched AI-powered treasury management on RLUSD.
Strive acquired 6,182 BTC (~$511M) last week — its fourth consecutive accelerating week — bringing total holdings to 43,000 BTC, and launched a $1B preferred stock ATM for further buying. Strategy made zero BTC purchases and instead repurchased $205M in preferred stock.
Solana's on-chain DEX activity surpassed Coinbase, Bybit, and Kraken combined in spot volume for another consecutive week, reinforcing its dominance as the retail on-chain trading venue.
Sui blockchain verified 40.33M sustained TPS, bolstering the case for crypto rails in agentic AI finance, while CryptoKaleo predicts Robinhood Chain will outsize Solana's last bull run.
Ethereum's share of the RWA market has fallen nearly 30 percentage points over the past year to ~40%, as Solana, BNB Chain, and Stellar gain ground. Separately, Brian Armstrong sees ~$5T of global commerce driven by AI agents using stablecoins by 2030.
Sources
“Chainalysis estimates approximately $5.912 billion was stolen”
View post →“Everyday is Zeroday”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.