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Elon Musk: AI agents will hack systems to make money for themselves

AI2 min read

Binance, one of the biggest crypto exchanges, was hacked for about $6.3 billion in digital money in late October 2025. Elon Musk then said AI agents may one day copy this kind of theft to earn money for themselves.

What happened

On October 29, hackers attacked the crypto exchange Binance. Most of the stolen money left the platform in about 20 minutes. The money moved to many wallet addresses controlled by one group. Stablecoin companies Circle and Tether then froze part of the stolen funds. Binance later said it would cover the losses so users would not lose money.

Key numbers and facts

  • About $6.3 billion in crypto was stolen. This is the largest hack in the history of crypto exchanges.
  • About $3 billion of the stolen money was frozen, according to Binance.
  • Most of the money left in about 20 minutes, starting at 8:05 p.m. on October 29 (U.S. time, per the article's Hanoi time of 3 a.m. on October 30).
  • Binance said on October 31 that it had restored 90% of the stolen assets and would cover the other 10%.
  • Musk's post on X got about 2 million views, 17,000 likes, and more than 1,000 comments in two days.

Some key terms

A stablecoin is a crypto coin tied to a regular currency, such as the US dollar, usually at a 1:1 rate. It is backed by assets like government bonds or cash. Experts say the hackers made a plan. They sold USDT to market makers and borrowed Ether by using stolen stablecoins as collateral. This made it hard to freeze the Ether.

Why it matters

This hack shows how risky crypto exchanges can be when attackers get inside. It also shows that freezing stolen money is not always enough, because hackers can use clever steps to avoid it. Musk's comment about AI agents raises a bigger question: what happens when powerful AI tools can find weak spots in money systems on their own?

What to watch

  • The FBI says the hacking group TraderTraitor, linked to North Korea by several firms, moved stolen funds into Ether and may keep laundering them.
  • The FBI asked private companies to block transactions to and from addresses the group uses.
  • Binance said it found more entry points beyond the first one, which was an engineer's laptop.
  • Whether Binance fully pays back the remaining 10% of losses.

Glossary

Binance
A large crypto exchange where people buy, sell, and trade digital money.
stablecoin
A crypto coin designed to keep a fixed value, such as one US dollar.
USDT
A stablecoin issued by Tether and tied to the US dollar.
TraderTraitor
A hacking group that several firms and the FBI link to North Korea.

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