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Decrypt: Binance Hacked for About $6.4 Billion; Tether and Circle Freeze Over $2.3 Billion in Stolen Stablecoins
Decrypt reports attackers withdrew about $6.4 billion from crypto exchange Binance, which it calls the largest hack in crypto history. Binance pledged to cover all losses with company funds and an emergency reserve; Tether and Circle froze over $2.3 billion of stolen stablecoins.
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What happened
Decrypt reports that attackers began withdrawing about $6.4 billion from Binance at 4:05 p.m. Eastern Time (US East Coast time) on Thursday, after US stock markets had closed. Decrypt calls it the largest hack in crypto history.
Decrypt does not say what method the attackers used.
Responses from Binance and the stablecoin issuers
According to Decrypt, Binance has pledged to cover all losses with company funds and an emergency reserve. Decrypt also says Tether and Circle have frozen more than $2.3 billion in stolen stablecoins. Stablecoins are cryptocurrencies designed to track the value of a currency such as the US dollar, and Tether and Circle are both stablecoin issuers.
| Item | What Decrypt says | Notes |
|---|---|---|
| Amount stolen | About $6.4 billion | Decrypt calls it the largest hack in crypto history |
| Start time | 4:05 p.m. Eastern Time on Thursday | US stock markets had already closed |
| Binance response | Cover all losses | Funded by company funds and an emergency reserve |
| Stablecoin freezes | Tether and Circle froze over $2.3 billion | The frozen assets are stolen stablecoins |
Why the market is watching ETF flows
Decrypt reports that, according to its ETF tracking data, US spot Bitcoin ETFs saw outflows on the first full trading day after the hack. Decrypt explains that spot crypto ETFs are funds that hold the assets themselves, such as Bitcoin or Ether, and trade on exchanges like ordinary stocks, so investors can participate through regular brokerage accounts. It adds that issuers publish flows daily and the money mostly comes from institutions and financial advisers, so the figures are often used as a gauge of investor sentiment.
FAQ
When did the Binance hack happen?
According to Decrypt, attackers began withdrawing about $6.4 billion from Binance at 4:05 p.m. Eastern Time on Thursday, after US stock markets had closed.
How does Binance say it will handle the losses?
According to Decrypt, Binance pledged to cover all losses with company funds and an emergency reserve.
What is a spot Bitcoin ETF, and why are its flows watched?
Decrypt explains that spot crypto ETFs hold assets such as Bitcoin themselves and trade on exchanges like ordinary stocks. Issuers publish flows daily and the money mostly comes from institutions and financial advisers, so the figures are often used as a gauge of investor sentiment.
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