Binance theft four times larger than Bybit: how much of $6.36 billion was frozen, and who pays the rest?

Five minutes after New York exchanges closed on 29 October, the largest recorded theft in cryptocurrency history began: about $6.36 billion left Binance wallets across 10 networks, mostly within about 20 minutes, according to TRM Labs. About $2.7 billion was frozen, almost entirely in stablecoins, while about $2.4 billion, mostly in ETH and Bitcoin, remained beyond any freeze. Binance pledged to cover the losses in full from its own funds, while its BNB token bore the heaviest market cost.

6.36

billion dollars left Binance wallets, estimates TRM Labs

2.7

billion dollars frozen, mostly in stablecoins

6.29%

BNB's first-hour decline, versus 2.47% for Bitcoin

1.53

billion dollars in positions liquidated in 24 hours, half on Binance

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EL7 Research · Cryptocurrencies

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