Binance Hack: Record $6.4 Billion Theft Leaves Bitcoin Relatively Steady Compared to 2018
What happened at Binance
Binance confirmed a hack on its exchange, a platform where people trade cryptocurrency. The theft began at 4:05 p.m. ET on Thursday, after U.S. markets closed. Blockchain trackers Chainalysis and TRM Labs put the loss at roughly $6.4 billion, making it the largest crypto hack on record. That is more than four times the previous record, the $1.5 billion Bybit heist of February 2025.
Bitcoin fell about 3% after the news. The report also says Bitcoin dipped to about $76,400 on Friday, roughly 6% below where it traded after Wednesday's Federal Reserve decision, and that Bitcoin is down about 4% a day after the hack. Because these figures differ, the exact size of the drop is unclear.
Key points
- Binance lost about $6.4 billion, the largest crypto hack on record.
- Bitcoin's drop was much smaller than the nearly 11% fall in minutes during a 2018 attack on Binance.
- More than $1.3 billion in leveraged bets, trades made with borrowed money that exchanges close automatically when prices move against them, were liquidated.
- Binance says it set aside more than $6.34 billion of company funds to cover every loss.
- Binance expects withdrawals to resume in 45 hours.
What Chainalysis and TRM Labs report
The blockchain analysis firms tie the attack to the North Korean group behind the Bybit heist. The attacker still holds more than 420,000 ETH and 18,270 BTC, worth about $2.4 billion that stablecoin issuers cannot freeze. Stablecoins are cryptocurrencies designed to hold a steady value. Including other tokens, the holdings would exceed $3 billion. After the Bybit heist, that group converted about 84% of stolen Ethereum into Bitcoin through Thorchain, a cross-chain swap network.
What Binance says
Binance says it has set aside more than $6.34 billion of company funds to cover every loss. It is buying the missing tokens on the open market and over the counter, meaning in private deals off the exchange. About $3 billion is frozen, deposits are operating normally, and withdrawals are on track to resume in 45 hours.
Why Bitcoin did not fall as hard as in 2018
The article offers possible reasons, not confirmed facts. The crypto market was worth just over $400 billion in March 2018 and is worth roughly $2.6 trillion now. U.S. spot Bitcoin ETFs, funds that let people buy Bitcoin through an ordinary brokerage account, now hold roughly 1.3 million BTC, about 6% of the supply. Their shareholders do not keep coins on Binance, and these funds do not tend to panic sell easily. Long-term investors, clearer regulatory rules, quick action by stablecoin providers, and a price trend in recovery may also have helped keep Bitcoin from a wider panic.
What is still unclear
The report gives different numbers for Bitcoin's drop: about 3%, about 4%, and roughly 6% below its post-Federal Reserve level. It also says Friday's ETF flow figures are the first real read on whether ETF holders are selling, so that impact is not yet known.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.