The biggest hack in the history of crypto just hit the biggest exchange in the world, and $Bitcoin dropped only 2%. A $2.8 billion hole in Binance’s hot wallet, $628 million in liquidations in a single hour, and BTC gave back less than it loses on a bad ETF-flow day. Whether that resilience holds is the question now. Here is what happened, and where the Bitcoin price can go from here.
What happened to Binance?
On Thursday night at 20:24 UTC, a Binance hot wallet was drained in a single transaction, with roughly $2.8 billion in ETH, stablecoins and other tokens leaving on Ethereum. Trackers put total outflows across several chains at up to $3.55 billion, which makes this the biggest crypto hack ever, well above the $1.5 billion Bybit exploit of February 2025.
Binance co-founder Changpeng Zhao was the first to call it a hack and said user funds are safe and will be fully covered. Tether and Circle moved fast and froze around $2.4 billion in USDT and USDC linked to the attacker. BNB was the real victim of the night, dropping 6.3% in 35 minutes, while Bitcoin slid from $80,327 to a low of $78,763, a drop of just 1.9%.
For the full minute-by-minute timeline, the liquidation data and the on-chain movements o...
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