Investors and industry observers reacted to the massive security incident at Binance (CRYPTO: BNB) on Thursday, which resulted in billions in estimated losses and could rank as the largest cryptocurrency hack in history.
Binance’s Black Thursday
Binance said on X that the estimated total impact is roughly $6.3 billion, more than four times the amount lost in the largest cryptocurrency theft on record, i.e., the Bybit hack of 2025.
The company added that assets worth around $3 billion have been frozen and that it is coordinating with law enforcement, stablecoin issuers like Tether (CRYPTO: USDT) and Circle Internet Group Inc. (NYSE:CRCL) and industry partners to trace and freeze more funds.
The company confirmed it’d “cover all losses” and users will not bear any financial impact.
Binance’s preliminary investigation traced the hack to a compromised DevOps engineer’s laptop that enabled “unauthorized withdrawal transactions.”
Elon Musk Reacts, Armstrong Extends Support
Binance founder and former CEO Changpeng “CZ” Zhao suggested the actual losses could be greater than initially reported.
In response to the hack, Elon Musk quipped, “Everyday is Zeroday,” a nod to the ongoing cycle of hidden vulnerabilities and exploitable gaps in digital systems.
Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong said the company has reached out to Binance to offer assistance, adding, “Moments like this call for the industry to work together.”
The Biggest Victims
Glassnode’s on-chain analysis found USDT was the hardest-hit asset, with about $1.66 billion drained, followed by Bitcoin (CRYPTO: BTC) at $1.45 billion and USDC (CRYPTO: USDC) at $767 million.
Significant amounts of Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP) and SOL (CRYPTO: SOL) have also been drained.
Price Action: As of this writing, BTC is down 3.20% in the last 24 hours to $77.385, according to Benzinga Pro.
Photo courtesy: IAB Studio on Shutterstock.com
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