Binance reports $6.3 billion impact from suspected security breach

Binance stated on Thursday that a potential security issue has impacted approximately $6.3 billion in assets. The world's largest cryptocurrency exchange announced the figure after an initial investigation indicated that an attacker gained access to internal systems through a compromised device.

Changpeng Zhao, the founder of the platform, assessed the situation in a post on X. He noted that the incident "does look like a hack on Binance." Although Zhao stepped down as CEO in 2023, he remains a shareholder and said he expects all user funds to be fully covered.

The company detailed the suspected vector of the attack in a written update. It reported that a DevOps engineer's laptop had been compromised. This breach allowed an attacker to access a service container and submit unauthorized withdrawal transactions. Binance stated that it found no evidence of a wallet private key leak during the initial review.

In response to the incident, Binance temporarily suspended all deposits and withdrawals. These measures are in place while the company conducts security checks, freezes funds, and coordinates with law enforcement agencies. A spokesperson for the exchange assured users that their funds are completely safe and that teams are working around the clock to resolve the issue.

Blockchain partners have assisted in containing the loss. Binance reported that it has frozen roughly $3 billion in affected assets on-chain. The company said it is working closely with issuers and blockchain intelligence firms to trace and freeze additional assets.

Major stablecoin providers reacted to the news by freezing their own reserves. Jeremy Allaire, co-founder and CEO of Circle, said on X that the company froze the equivalent of more than $800 million in currency. He noted that this action was taken in coordination with law enforcement.

Paolo Ardoino, CEO of Tether, also confirmed freezes on his social media account. He stated that Tether froze the equivalent of more than $1.5 billion in currency related to what he termed a potential Binance exchange hack.

The incident affected market prices for digital assets. The price of bitcoin dropped by 3.2% on Thursday evening, falling below the $79,000 mark. Traders and investors monitored the exchange's channels for verified updates as the investigation proceeded.

Zhao's relationship with the current administration adds context to the event. President Donald Trump pardoned Zhao in 2025. Zhao had pleaded guilty to a felony regarding money laundering prevention and was sentenced to prison for violating the Bank Secrecy Act. He was released from prison last year, and prosecutors had previously described his violations as unprecedented in their extent.

Binance indicated it will share further technical details once the investigation is complete. The company said it will provide updates through official channels as soon as the facts are fully verified. No specific timeline for the resumption of normal deposit and withdrawal functions was provided.