Binance's $6.3 Billion Theft: How Did Hackers Break In and Escape Freezing? On October 30th, Binance, the world's largest cryptocurrency exchange, suffered a security incident involving approximately $6.3 billion, becoming the largest cryptocurrency theft to date. On-chain analysis shows that attackers transferred a large amount of assets from hot wallets across multiple Binance blockchain networks in less than four hours, with most of the funds flowing out within about 20 minutes. Binance's initial investigation suggests that the attackers may have compromised an operations engineer's computer, gaining access to the internal system and initiating unauthorized withdrawal transactions. Currently, no evidence of wallet private keys being leaked has been found. However, Binance later stated that the investigation has uncovered other entry points, and the complete attack path is still under investigation. After the funds were transferred out, the attackers quickly exchanged some of the USDT for assets such as ETH and TRX that could not be directly frozen by the issuer. They also used Aave as collateral to borrow 19,762 WETH, worth about $44.6 million, to reduce the risk of their funds being frozen.