Tech · 5 d ago
Binance halts withdrawals after a suspected hack
Binance, the world's largest crypto exchange, says it temporarily suspended withdrawals on multiple networks after a security incident. It says user funds are safe.
Drained from hot wallets, per crypto watchers
$2 billion+ at least, unconfirmed
Crypto watchers say at least $2 billion has been drained from Binance's hot wallets, and some estimates reach $5.7 billion. Nothing is confirmed, and the theft may be continuing.
Founder Changpeng Zhao said on X the company was likely hacked and expects users' funds to be “fully covered.” Circle froze about $800 million in Tether passing through its networks, and Tether froze about $1.56 billion tied to the hack.
What we know
- Withdrawals are suspended on multiple networks
- Tether froze about $1.56 billion
Not yet
- Who is behind the hack
- How much was stolen
It is unclear who is behind the hack. If the billions are confirmed, it would rank among the largest crypto thefts, after a record $1.4 billion taken from Bybit in 2025.
