Binance is investigating a potential security breach that could involve up to $5.8 billion in digital assets, which would dwarf the $1.5 billion Bybit hack of February 2025. Stablecoin issuers Tether and Circle have frozen more than $2.3 billion linked to the incident—$1.567 billion in USDT and over $800 million in USDC. Binance spokesperson told BleepingComputer that user funds are safe while the exchange reviews the reports. Founder Changpeng Zhao said on X the incident appears to be a hack, though he no longer manages Binance. Blockchain analysis shows transfers from Binance hot wallets "Binance 14" ($2.53 billion across 64 tokens), a second wallet ($174.4 million), and a third ($780 million USDC), totaling about $3.48 billion. Arkham Intelligence tracks 55 addresses under "binance-hacker-1029" with holdings of roughly $5.78 billion, but this figure reflects assets across all tracked wallets, not confirmed stolen value. 1