Binance confirmed to TechCrunch that it was experiencing a security incident, with users reporting that funds were being drained from the crypto exchange’s wallets.
The world’s largest cryptocurrency exchange said in an emailed statement to TechCrunch that it was “aware of reports of a potential security issue and is actively investigating.”
“Rest assured that user funds are completely secure,” Binance said in a statement.
“Our security teams are reviewing all relevant information urgently, and we will provide updates through official Binance channels as soon as we have verified the 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 Binance had “temporarily suspended withdrawals across multiple networks following a security incident, as a precautionary measure.”
News of the breach comes hours after Binance founder Changpeng Zhao said in an article on X that the company had likely been hacked. Zhao, who no longer runs the company but is its largest shareholder, said he expects users’ funds to be “fully covered” but did not provide an explanation for the claim.
Fintech giant Circle froze around $800 million in Tether as it passed through its networks, while crypto giant Tether itself froze around $1.56 billion linked to the Binance hack.
Crypto watchers say at least $2 billion has been drained from Binance hot wallets, which are internet-connected cryptocurrency wallets that store internet-connected cryptocurrencies. By some estimates, Binance lost more than $5.7 billion in crypto, although the numbers have not been confirmed and it is possible the theft will continue.
It is unclear who is behind the hack, and Binance has not said whether it has received any correspondence from the hackers.
If it’s in the billions, it would likely constitute one of the largest crypto breaches in history, according to rankings that track crypto thefts.
In 2025, hackers stole a record $1.4 billion in crypto in a single breach of the Bybit exchange, blamed on North Korean hackers.
In what appears to be a separate incident earlier Thursday, prediction market giant Polymarket briefly halted operations after confirming that a third-party company had been compromised, leading the company to suspend withdrawals. Hackers stole approximately $2 million in user funds after compromising software developed by a company called DebugBear, according to security researchers.
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