Hajra Naz
Binance confirmed it is responding to an ongoing security incident. The statement came as customers noticed money leaving the cryptocurrency platform’s wallets.
The leading digital currency exchange issued an emailed statement. The company acknowledged reports of a potential security problem. It confirmed that internal teams are actively investigating the matter.
Binance told users that customer funds remain entirely safe.
Security personnel are reviewing all relevant information urgently. The exchange promised to share updates through official Binance channels as soon as details are verified. The company urged users to stay alert for scam attempts. It advised individuals to avoid clicking unverified links or sharing private account details.
Binance representative Ross O’Leary provided additional context. He explained that Binance temporarily paused withdrawals across several networks. The platform took this action to protect users after the security event.
Reports of the incident surfaced shortly after Binance founder Changpeng Zhao posted on X. He stated that the exchange likely suffered a cyberattack. Zhao no longer manages daily operations, but he remains the company’s largest shareholder. He said user balances will be fully reimbursed. However, he did not share specific details to back up that claim.
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Financial technology firm Circle took action by freezing roughly $800 million in USD Coin moving across its networks. Digital currency issuer Tether similarly froze about $1.56 billion in Tether tied to the Binance attack.
Crypto analysts report that attackers drained at least $2 billion from Binance’s hot wallets. Hot wallets are online storage systems connected directly to the internet. Some industry estimates suggest total losses could reach up to $5.7 billion. Those figures remain unconfirmed, and security experts warn the theft may still be happening.
The identity of the perpetrators remains unknown. Binance has not indicated whether the attackers made any direct contact.
If verified in the billions, this event will rank among the largest crypto security breaches ever recorded.
By comparison, cybercriminals stole a record $1.4 billion from the Bybit exchange in 2025. Authorities linked that single breach to North Korean state-backed hackers.
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In a separate event earlier on Thursday, prediction platform Polymarket briefly suspended trading activity. The platform confirmed a security breach at an external software vendor. The vendor compromise forced Polymarket to temporarily pause user withdrawals.
Security researchers reported that hackers stole approximately $2 million in customer funds. The intruders compromised monitoring software created by a firm named DebugBear.
