Haseeb Qureshi, Managing Partner at Dragonfly, stated on X that Binance has experienced what appears to be the largest hack in the history of cryptocurrency. He noted that approximately $1.8 billion in USDC and USDT has been frozen, leaving an estimated $1.7 billion in unremediated losses.

“Looks like Binance just got hit by the biggest hack in crypto history. ~$1.8B frozen in USDC / USDT so far, so roughly $1.7B in unremediated losses. Thankfully, Binance is by far the most profitable exchange in crypto. They're good for it. This is considerably less than what they make in profit in a year. So no need to panic if you're a Binance customer. All of crypto is getting pentested right now. If you are under-investing in AI security / pentesting, now is the time to fix that.”

— Haseeb Qureshi (@hosseeb) on X · X ↗

Context

Qureshi emphasized that the financial impact is manageable for the exchange because Binance is the most profitable platform in the sector. He argued that the loss is significantly smaller than the exchange's annual profits, advising customers that there is no need for panic regarding their funds.

The post also served as a broader warning to the industry. Qureshi described the incident as a real-world penetration test for all of crypto, urging projects and exchanges to immediately increase their investment in AI security and professional pentesting to prevent similar future breaches.

Haseeb Qureshi is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.