Binance pauses withdrawals as hackers suspected of stealing billions in crypto

Binance, the world's largest cryptocurrency exchange, has temporarily halted withdrawals from multiple networks as a precautionary measure following a suspected security incident. Users have reported that funds have been drained from the exchange's wallets. Binance CEO Changpeng Zhao, who still holds the largest share of the company, stated that he expects users' funds to be "fully covered," but did not provide further details.

Financial technology firm Circle froze $800 million in Tether, and Tether itself froze $1.56 billion related to Binance's hack. Analysts estimate that at least $2 billion has been stolen from Binance's hot wallets, but the total loss may exceed $5.7 billion. The exchange's security team is urgently reviewing the situation, and Binance has advised users to be cautious of scams and not to trust unofficial links or requests for account information.

The origin of the hack remains unclear, and Binance has not received any communication from the hackers. If confirmed, this incident could rank among the largest crypto breaches in history, surpassing the $1.4 billion stolen from Bybit in 2025. Earlier that day, prediction market giant Polymarket also experienced a security breach, leading to a temporary halt in trading and the loss of around $2 million in user funds.