Binance faces fallout after $6.3 billion was stolen in a record crypto heist, the largest in history. The exchange, forced to wind down EU operations in July for regulatory non-compliance, operates separately in the US under FinCEN. North Korean hackers stole $2 billion in crypto in 2025, a 50% increase year-over-year.
Tether froze $1.5 billion of USDT and Circle froze $800 million of USDC amid reports of a potential exploit at Binance. Yi He, Binance co-founder, posted on X that withdrawals would resume in the next 48 hours. The exchange, with no official headquarters, became regulated in Abu Dhabi last year where Yi He and Changpeng Zhao are based.
Analytics firm Elliptic verified $2.8 billion frozen mostly in USDT and USDC, though hackers moved the remainder into unfrozen assets like the ET H crypto token. This theft surpasses all previous records in digital asset crime.
Source: Ars Technica · Summarized by HeadlinesBriefing