Binance Investigates Suspected Record Hack as Attackers Move Funds Through DeFi

Binance has pledged to cover all losses after more than US$5.5 billion (AU$7.8 billion) in crypto left its hot wallets on Thursday, according to on-chain trackers. That would surpass the US$1.5 billion (AU$2.1 billion) stolen from Bybit in February 2025, which stands as the largest crypto theft on record. Changpeng “CZ” Zhao, the co-founder of Binance, thanked Tether and Circle for freezing funds quickly. He added that he no longer manages Binance but, as a shareholder, expects user funds to be fully covered.