Billions of dollars in digital funds, including Bitcoin, have been stolen in the hack. ( Unsplash: Executium )
Crypto watchers are reporting up to $US6.3 billion ($8.9 billion) in digital funds were stolen this morning, with more than $US3 billion currently frozen.
It appears the funds were moved after attackers compromised a staff member's laptop.
Binance has moved to reassure users their funds are completely safe and it will cover all hacking losses.
Cryptocurrency exchange Binance has suffered the largest hack in the sector's history, with attackers attempting to steal $US6.3 billion ($8.9 billion) in digital funds this morning.
The true scale of the theft is still unclear, with approximately $US3 billion ($4.2 billion) in funds currently frozen.
"This is definitely the largest [crypto hack] to date," said Nicholas Turnbull, a blockchain forensics expert and the director of Crypto Consulting Australia.
Binance confirmed in a statement to ABC News that it had been the victim of an attack, saying hackers may have gained access to a staff member's laptop.
"We have found no evidence of any wallet private key leak," a company spokesperson said in a written statement.
Binance also said users should "rest assured that … [their] funds are completely safe".
Zhao Changpeng is the founder and CEO of Binance, which has moved to reassure its users following the hack. ( Reuters: Benoit Tessier )
It added that the company, which is the world's largest crypto exchange, would cover all losses.
It appears the funds were moved from a number of "hot wallets" — internet connected wallets designed for high-speed everyday trading.
Thirty or 40 different tokens were affected, including Etherium, Bitcoin, and stablecoins such as USDT and USDC, according to crypto watchers.
RMIT economics professor Chris Berg, who specialises in blockchain technology, said not all the funds that attackers tried to steal will necessarily be successfully stolen.
"There are different layers of defence," he said. "Stablecoin providers can freeze those funds.
"[The hackers] have to withdraw it through an exchange somehow and that represents its own difficulty."
Binance said it had temporarily suspended deposits and withdrawals "while security checks are completed", and that an investigation was underway.
"We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice," it said.
While the precise losses were not yet known, it was clear the Binance hack was significantly larger than the next largest crypto theft on record, in February 2025, when the North Korean-linked Lazarus group stole approximately $US1.5 billion from another cryptocurrency exchange, ByBit.
Mr Turnbull said Lazarus Group was a likely focus for investigation in the Binance case too.
"This was a pretty sophisticated attack … you've got multiple angles coming on … so it's definitely a group," he said.
Professor Berg said the cryptocurrency sector has been plagued by cybersecurity incidents.
"It's one of the themes of the industry," he said.
There are concerns that improvements in hacker capabilities driven by AI, amplify that risk.
"[The Binance hack] may well be connected to what's been going on … around AI," Professor Berg said.
"For the last month or so, we've had a series of hacking incidents and discoveries of cybersecurity vulnerabilities … driven by frontier AI models.
"The hackers will definitely be using AI because everybody is using AI.
"The question is, was this only possible because of advances in AI?"
