Binance temporarily halted platform transactions and contacted law enforcement after discovering an attacker gained access to an internal service container. While an estimated $6.3 billion was impacted, the exchange emphasized that private wallet keys were not compromised and that user balances remain secure. Major stablecoin issuers assisted the recovery effort, with Tether and Circle freezing a combined total of more than $2.3 billion in connected tokens. Following the disclosure, the market reacted negatively as bitcoin fell 3.2% to trade below the $79,000 mark.
Key points
Binance temporarily suspended all platform withdrawals and deposits to conduct security c…: Binance temporarily suspended all platform withdrawals and deposits to conduct security checks alongside law enforcement.
Former chief executive Changpeng Zhao described the incident as an apparent hack while re…: Former chief executive Changpeng Zhao described the incident as an apparent hack while reassuring users their funds would be covered.
The disclosure of the multi-billion-dollar security breach pressured the crypto market, p…: The disclosure of the multi-billion-dollar security breach pressured the crypto market, pulling bitcoin prices down below $79,000.
Sources checked by our analysis pipeline: 1
LOS ANGELES — Binance, the world's largest cryptocurrency exchange, said Thursday it's investigating reports of a potential security issue as its founder said the incident "does look like a hack on Binance." The company said late Thursday the estimated total impact was at more than $6 billion, which could be one of the most significant of such security incidents on record.
It wasn't immediately clear the extent of the damage hackers might have been able to cause, and Binance had not explicitly confirmed that funds had been pilfered. The company said its teams are "working around the clock" to resolve the issue.
"Rest assured that user funds are completely safe," a Binance spokesperson said in a statement.
"Our 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," the statement continued.
The company wrote on its X account that the estimated total impact sat at around $6.3 billion. It said it has worked with blockchain partners to freeze affected assets, with roughly $3 billion frozen…
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