Binance has confirmed with TechCrunch that the company is dealing with a security incident. Previously, users reported that funds were being transferred out of their wallets on this cryptocurrency exchange.
The world's largest cryptocurrency exchange stated that in an email statement sent to TechCrunch, the company "is aware of reports regarding potential security issues and is actively investigating them."
In its statement, Binance stated: "Please rest assured, users' funds are completely safe."
A statement added, "Our security team is urgently reviewing all relevant information. Once the information is verified, we will provide updates through the official Binance channels. Users should remain vigilant against scams and not trust unofficial links, messages, or requests for account information."
An exchange spokesperson, Ross O, stated that "after a security incident, Binance temporarily suspended withdrawals from multiple networks as a preventive measure."
Hours before this vulnerability was reported, Zhao Changpeng, the founder of Binance, posted on X stating that the company “is very likely to have been hacked.” Zhao Changpeng no longer manages the company but remains its largest shareholder. He stated that he expects users’ funds to be “fully compensated,” without providing any explanation for this claim.
Fintech giant Circle has frozen approximately $800 million of Tether, which was circulating within its network; meanwhile, cryptocurrency company Tether itself has frozen around $1.56 billion related to the Binance hack incident.
Observers in the crypto industry claim that at least $2 billion has been transferred from Binance's hot wallets. Hot wallets refer to wallets that are connected to the internet and are used to store crypto assets. According to some estimates, Binance may have lost over $5.7 billion in crypto assets, although these figures have not yet been confirmed, and the theft may still be ongoing.
At present, the identity of the hacker is still unknown, and Binance has not stated whether they have received any contact from the hacker.
If it is ultimately confirmed that the loss amounts to several billion dollars, this is likely to become one of the largest security vulnerabilities in the history of cryptocurrencies. Relevant lists have been tracking crypto theft incidents.
In 2025, hackers stole a record $1.4 billion in crypto assets from a single vulnerability at the exchange Bybit. At that time, the responsibility was attributed to North Korean hackers.
What appears to be another separate incident is that earlier on Thursday, after the market giant Polymarket confirmed that a third-party company had been hacked, trading was temporarily suspended, which also led to that company halting withdrawals. According to security researchers, hackers stole approximately $2 million in user funds after gaining access to the software developed by a company named DebugBear.
