Binance suspends withdrawals amid investigation of large-scale crypto hack
Binance said it has temporarily halted withdrawals on several networks while it investigates a security incident that may have resulted in billions of dollars in cryptocurrency being stolen.
Binance confirmed that it is handling a security incident after users reported unauthorized withdrawals from the exchange’s wallets. In an emailed statement, the company said it is aware of reports of a potential security issue and is actively investigating. > "Rest assured that user funds are completely safe," the statement read. The exchange added that its security teams are reviewing all relevant information with urgency and will provide updates through official channels once verified information is available. Users were advised to remain cautious of scams and avoid unofficial links, messages, or requests for account information.
Spokesperson Ross O’Leary said Binance has temporarily suspended withdrawals on multiple networks as a precautionary measure. The news followed a post on X by founder Changpeng Zhao, who remains the largest shareholder, indicating that the company had likely been hacked and that he expects users’ funds to be fully covered.
Financial-technology firm Circle froze about $800 million in Tether that passed through its networks, while Tether itself froze roughly $1.56 billion linked to the incident. Crypto analysts estimate that at least $2 billion has been taken from Binance’s hot wallets, with some projections suggesting losses could exceed $5.7 billion, though the figures have not been confirmed and the theft may still be ongoing. The identity of the attackers has not been disclosed, and Binance has not reported any direct contact from them. If the losses are confirmed at the higher end, the breach would rank among the largest cryptocurrency thefts on record.