Binance is investigating what may be the largest cryptocurrency hack in history.

Cryptocurrency exchange Binance is investigating what appears to be the largest crypto hack of all time, after more than $5.7bn of assets were moved out of user wallets on Thursday afternoon. The suspected hack comes after a wave of high-profile cyber attacks and data breaches. During what has been dubbed Black October, a series of hacks and AI-found vulnerabilities raised fears of a global crisis. Changpeng Zhao, Binance co-founder and no longer an executive at the company, said on X that the crypto exchange appeared to have been hacked, although a company spokesperson said it was still investigating the matter. Analysts and traders closely watching the crypto market estimated that between $1.7bn and $5.7bn was stolen in the suspected cyber attack. This is unprecedented, said Kevin March, co-founder of JPEG Trading, a crypto trading firm watching the hack to monitor market conditions.