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\u2019s wallets.<\/p>\n
The world\u2019s largest cryptocurrency exchange said in an emailed statement to TechCrunch that it is \u201caware of reports of a potential security issue and are actively investigating.\u201d<\/p>\n
\u201cRest assured that user funds are completely safe,\u201d Binance said in a statement.\u00a0\u00a0<\/p>\n
\u201cOur 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,\u201d the statement added. \u201cUsers should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.\u201d<\/p>\n
Binance spokesperson Ross O\u2019Leary said that Binance has \u201ctemporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure.\u201d<\/p>\n
News of the breach comes hours after Binance founder Changpeng Zhao said in a post on X<\/a> that the company had been likely hacked. Zhao, who no longer runs the company but is its largest shareholder, said that he expects users\u2019 funds to be \u201cfully covered,\u201d but did not provide an explanation for the claim.<\/p>\n Financial tech giant Circle froze about $800 million in Tether<\/a> as it passed through its networks, while crypto giant Tether itself froze about $1.56 billion<\/a> related to Binance\u2019s hack.<\/p>\n Crypto watchers say at least $2 billion has been drained<\/a> from Binance\u2019s 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<\/a>, though the numbers have not been confirmed and it\u2019s possible that the theft is ongoing.<\/p>\n It\u2019s unclear who is behind the hack, and Binance did not say if it had received any correspondence from the hackers. <\/p>\n If confirmed into the billions, this would likely rank as one of the largest crypto breaches in history, according to leaderboards<\/a> tracking crypto thefts.<\/p>\n In 2025, hackers stole a record $1.4 billion in crypto<\/a> in a single breach from exchange Bybit, blamed on North Korean hackers.<\/p>\n In what appears to be a separate incident earlier on Thursday, prediction market giant Polymarket briefly halted trading<\/a> 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<\/a> after compromising a piece of software developed by a company called DebugBear<\/a>.<\/p>\n