Hot wallets belonging to the digital asset platform were drained, prompting the company to halt outbound network transfers as technical teams investigate the source of the breach. Founder Changpeng Zhao publicly acknowledged the suspected compromise on social media while pledging that affected user assets would be fully protected. Stablecoin operators took coordinated countermeasures, with Circle freezing approximately $800 million and Tether halting $1.56 billion linked to the exploit. The crisis emerged on the same day prediction platform Polymarket suffered an unrelated $2 million hack traced to a compromised third-party software provider.
Key points
Cryptocurrency watchers estimate total losses from the compromised hot wallets could pote…: Cryptocurrency watchers estimate total losses from the compromised hot wallets could potentially reach upwards of $5.7 billion.
Platform founder Changpeng Zhao publicly stated that user deposits are expected to be ful…: Platform founder Changpeng Zhao publicly stated that user deposits are expected to be fully protected despite the breach.
Investigators have not confirmed the identity of the perpetrators or whether unauthorized…: Investigators have not confirmed the identity of the perpetrators or whether unauthorized fund withdrawals remain ongoing.
Sources checked by our analysis pipeline: 1
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’s wallets.
The world’s largest cryptocurrency exchange said in an emailed statement to TechCrunch that it is “aware of reports of a potential security issue and are actively investigating.”
“Rest assured that user funds are completely safe,” Binance 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 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 that Binance has “temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure.”
News of the breach comes hours after Binance founder Changpeng Zhao said in a post on X that the company had been likely hacked. Zhao, who no longer runs the company but is its largest shareholder, said that he expects users’ funds to be “fully…
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