Binance pauses withdrawals after suspected multi-billion dollar hack

Binance has confirmed to TechCrunch that it is dealing with a security incident as users reported that funds were being drained from the crypto exchange's wallets.

Binance Responds

The world's largest cryptocurrency exchange said in an emailed statement to TechCrunch that it is "aware of reports of a potential security issue and are actively investigating."

"Rest assured that user funds are completely safe," Binance said in a statement.

"Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information," the statement added. "Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information."

Binance spokesperson Ross O'Leary said that Binance has "temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure."

Zhao Says Hack "Likely"

News of the breach comes hours after Binance founder Changpeng Zhao said in a post on X that the company had been likely hacked. Zhao, who no longer runs the company but is its largest shareholder, said that he expects users' funds to be "fully covered," but did not provide an explanation for the claim.

Stablecoin Issuers Freeze Funds

Financial tech giant Circle froze about $800 million in Tether as it passed through its networks, while crypto giant Tether itself froze about $1.56 billion related to Binance's hack.

Scale of the Losses

Crypto watchers say at least $2 billion has been drained from Binance's hot wallets, which are internet-connected cryptocurrency wallets that store crypto that are connected to the internet. By some estimates, Binance may have lost upwards of $5.7 billion in crypto, though the numbers have not been confirmed and it's possible that the theft is ongoing.

It's unclear who is behind the hack, and Binance did not say if it had received any correspondence from the hackers.

If confirmed into the billions, this would likely rank as one of the largest crypto breaches in history, according to leaderboards tracking crypto thefts.

Historical Context

In 2025, hackers stole a record $1.4 billion in crypto in a single breach from exchange Bybit, blamed on North Korean hackers.

Separate Polymarket Incident

In what appears to be a separate incident earlier on Thursday, prediction market giant Polymarket briefly halted trading after it confirmed that a third-party company was compromised, which led to the company pausing withdrawals. According to security researchers, hackers stole around $2 million in user funds after compromising a piece of software developed by a company called DebugBear.