Binance is probing a potential breach tied to a compromised engineer laptop that triggered unauthorized transactions totaling an estimated $6.3 billion. Although deposits and withdrawals remain halted, the exchange maintains that private keys were not leaked and user balances remain protected. Quick coordination across the sector has already resulted in blockchain networks and major issuers freezing about $3 billion in affected funds on-chain. Tether and Circle contributed significantly to the mitigation efforts by locking down more than $2.3 billion in stablecoins combined.
Key points
Binance temporarily suspended all deposits and withdrawals while collaborating with law e…: Binance temporarily suspended all deposits and withdrawals while collaborating with law enforcement to conduct thorough security checks.
Approximately $3 billion of the estimated $6.3 billion in affected assets has already bee…: Approximately $3 billion of the estimated $6.3 billion in affected assets has already been frozen on-chain through industry partnerships.
Company leadership and founder Changpeng Zhao confirmed that wallet private keys were not…: Company leadership and founder Changpeng Zhao confirmed that wallet private keys were not leaked and customer funds remain fully safe.
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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…
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