'It looks like a hack': Crypto worth billion stolen from exchange

Cryptocurrency worth billions of dollars has been stolen from a major exchange - in what experts have described as "the largest bank heist in human history".

The security exploit targeted Binance, one of the world's biggest platforms for trading digital assets, which said it is establishing the facts with urgency.

Former chief executive Changpeng Zhao wrote on X that "it does look like a hack" - while co-founder Yi He said deposits and withdrawals are temporarily suspended for customers.

"User funds are safe. Binance will cover all hacking losses," she added.

According to Arkham Intelligence, which tracks the industry, crypto worth more than $5.8bn (£4.3bn) has been taken from Binance.

If confirmed, this would be the largest cryptocurrency hack to date - surpassing the $1.5bn that was stolen when the ByBit exchange was targeted last year.

Ari Redbord, the chief policy officer of TRM Labs, told Sky News: "This is an extraordinary hack, for its size and for the response ... Few financial systems have ever shown a theft of this scale."

He explained the attacker was able to move billions of dollars across eight blockchain networks in about 15 minutes.

"The theft shows how exposed the system is to sophisticated attackers moving at a speed we have never seen," he added.

After Binance's security issue was identified, digital assets worth more than $3bn (£2.2bn) were frozen, which could prevent the funds being cashed out by malicious actors.

But Mr Redbord said the attacker still controls about $2.4bn (£1.8bn) worth of Bitcoin and Ether - the two biggest cryptocurrencies by valuation.

Izabella Kaminska - who edits independent publication The Blind Spot and reports on the crypto industry - told Sky News it "appears to be a highly sophisticated and well-rehearsed attack".

She said the hack comes at a time of growing concern that major cyber vulnerabilities in the financial system are about to be exposed or exploited by AI agents.

Ms Kaminska explained that the crypto industry has long sought to differentiate itself from the banking sector by claiming it is decentralised and resistant to censorship.

The former Financial Times journalist added: "The reality is and always was that the vast majority of crypto platforms - and in some cases assets too - are just as structurally centralised as conventional banking platforms.

"Unlike banks, however, when these systems get hacked or become insolvent, there is no recourse to a lender of last resort or deposit insurance fund. Depositors are on their own."

On X, Binance said its security team is "reviewing all relevant information with urgency" - and urged its users to remain cautious of scams.

The company claims it has more than 335 million users around the world.

Bitcoin, the world's biggest cryptocurrency, dropped sharply in response to the news.

As of 1am UK time on Friday, it was trading at about $77,000 (£57,500) - falling by 5% over the past 24 hours. Some smaller digital assets have seen their values plummet by closer to 10%.

"While that is a significant drop, it is far from unprecedented for an asset class which is used to very sharp moves," she added.

While Ms Kaminska believes it is too early to determine if this hack is an existential threat to the crypto industry, she warned the bigger question is whether this could cause trouble for the wider financial system - with closer ties formed between the digital assets space and Wall Street in recent years.

"The crossover contagion risk is no longer zero," she said.

At this stage, it is unclear who may have been behind the attack - but many high-profile incidents targeting crypto platforms in the past have been linked to Kim Jong Un's regme.

Asymmetric Research chief executive Jonathan Claudius told Sky News that "the preparations and techniques" for this attack are consistent with those used by North Korean hacking groups.

(c) Sky News 2026: 'It looks like a hack': Crypto worth billion stolen from exchange