More than $5.6 billion was stolen from Binance hot wallets in 40 minutes, including ETH, USDT, USDC and more than 60 tokens. The incident exceeds the 2025 Bybit hack of $1.5 billion and ranks as the largest in history. Tether and Circle froze about $2.4 billion combined.

The attack involved BTC, ETH, USDT and other assets. Tether and Circle have frozen at least $2.3 billion of the funds.

Attackers used signed authorizations to install malicious code. They moved ETH and tokens. They also moved 780 million USDC from a Binance hot wallet. Binance said user funds were safe and that it was investigating.

An attacker funded through Tornado Cash used an EIP-7702 delegation takeover to carry out a batch sweep of assets. The signature was valid, suggesting a key leak.

Binance appears to have been hacked. USDT, ETH and other assets were reportedly taken. Losses may exceed $1 billion.

Lending deposits rose 42% to $3.57 billion. Tokenized equities in lending markets grew more than 10x to $62 million.

Security researchers have identified unauthorized token minting tied to Initia. Initia is investigating the incident and working to restore operations.