Binance has acknowledged a security issue following reports from users about unauthorized fund withdrawals from the platform’s wallets.
The leading cryptocurrency exchange stated via email that it is investigating the reported security situation.
“We assure our users that their funds are safe and secure,” Binance emphasized in its communication.
The firm added, “Our security team is promptly analyzing all relevant data, and we will share updates through official Binance channels as soon as we obtain verified information.” They also advised users to be cautious about scams and advised against trusting unofficial links, messages, or requests for account details.
Ross O’Leary, a representative for Binance, mentioned that the exchange has “temporarily suspended withdrawals across multiple networks as a precaution due to the security incident.”
This news about the breach coincided with comments from Binance founder Changpeng Zhao, who indicated the likelihood of a hack in a post on X. Zhao, while no longer in charge of the company but still its primary shareholder, expressed optimism that users’ funds would be “fully covered,” though he did not clarify how he reached that conclusion.
In response to the incident, financial technology firm Circle froze about $800 million in Tether transactions flowing through its networks, while Tether has suspended around $1.56 billion associated with the Binance breach.
Analysts estimate that roughly $2 billion has been siphoned from Binance’s hot wallets, which are cryptocurrency wallets connected to the internet that store digital assets. Some estimates suggest Binance’s losses could exceed $5.7 billion, though these figures are unconfirmed, and there is a possibility that the theft could still be ongoing.
The identity of the hackers remains unknown, and Binance has not disclosed whether it has received communication from them.
If validated, this breach could rank among the largest in cryptocurrency history, based on records of crypto thefts.
Previously, in 2025, hackers stole a staggering $1.4 billion in a single incident from the Bybit exchange, with North Korean hackers being implicated.
In a seemingly unrelated event earlier on Thursday, Polymarket, a prediction market platform, temporarily halted trading after confirming a breach involving a third-party provider, which caused them to pause withdrawals. Security experts indicated that around $2 million in user funds was stolen after compromising a software service from DebugBear.
