Binance says $6.3 billion at risk after potential hack

Binance, the world's largest cryptocurrency exchange, reported on Thursday that a potential security issue has impacted approximately $6.3 billion in assets. The company stated it is investigating how a compromised DevOps engineer's laptop allowed an attacker to access a service container. The breach enabled the submission of unauthorized withdrawal transactions. Binance has not yet confirmed that funds were permanently stolen but described the incident as a likely hack.

To contain the damage, the exchange temporarily suspended all deposits and withdrawals. This pause allows security teams to conduct checks, freeze funds, and coordinate with law enforcement. Binance said it worked with blockchain partners to freeze about $3 billion in affected assets on-chain. The company noted it found no evidence that any wallet private keys leaked during the intrusion. Teams are currently working around the clock to resolve the technical issues.

Stablecoin providers reacted quickly to the news. Tether and Circle both froze funds associated with the incident on Thursday. Paolo Ardoino, CEO of Tether, said the company froze more than $1.5 billion in currency related to the potential hack. Jeremy Allaire, co-founder and CEO of Circle, stated that his firm froze the equivalent of more than $800 million in coordination with law enforcement. These actions aimed to trace and freeze additional assets before they could move further.

Changpeng Zhao, the founder of Binance, commented on the situation via social media. Although he stepped down as CEO in 2023, he remains a shareholder. Zhao assured users that their funds are safe. He stated that the incident does look like a hack on Binance. As a shareholder, he expects all user funds to be fully covered. His statement came the same day the company issued its initial impact estimate.

The exchange plans to share more technical details once the investigation is complete. Binance said it will provide updates through official channels only after verifying all facts. The company is working closely with issuers, blockchain intelligence firms, and industry partners to trace the flow of funds. Law enforcement agencies are also involved in the ongoing review of the compromised access points.

In the background, Zhao was released from prison last year after serving a sentence for violating the Bank Secrecy Act. He was the first person sentenced to prison time for violations of that law. In 2023, he pleaded guilty to a felony related to his failure to prevent money laundering on the platform. President Donald Trump pardoned Zhao in 2025. Zhao and Binance have been key supporters of several crypto enterprises connected to the Trump family.

Market reactions followed the news of the breach. The price of bitcoin dropped 3.2% on Thursday evening. The cryptocurrency fell to under $79,000 per coin. This decline marked a sharp move in the asset's value following the announcement of the financial exposure. Traders and investors monitored the situation as the exchange worked to stabilize its systems.

Binance continues to monitor the situation closely. The company will keep users informed as the investigation progresses. No further timeline has been announced for the resumption of standard transaction services.