Binance reports $6.3 billion security incident after suspected hack

Binance, the world's largest cryptocurrency exchange, disclosed on Thursday that a suspected security breach impacted approximately $6.3 billion in assets. The company stated that the incident appears to be a hack, marking one of the largest financial exposures in the history of digital asset platforms.

The exchange identified the root cause as a compromised laptop belonging to a DevOps engineer. An attacker used this device to access a service container and submit unauthorized withdrawal transactions. Binance noted that it found no evidence of a leak in wallet private keys, suggesting the breach targeted internal systems rather than user storage directly.

In response to the attack, the company temporarily suspended all deposits and withdrawals to conduct security checks and freeze affected funds. Binance reported that it had already frozen roughly $3 billion in assets on-chain by working with blockchain partners. The company said its teams are working around the clock to resolve the issue and will provide updates only after the facts are fully verified.

Major stablecoin providers joined the effort to stop the flow of funds. Circle, the issuer of the USDC stablecoin, froze the equivalent of more than $800 million in currency associated with the incident. Tether, which issues the USDT stablecoin, reported freezing the equivalent of more than $1.5 billion in related currency. Both companies confirmed they acted in coordination with law enforcement.

The market reacted swiftly to the news. Bitcoin prices dropped by 3.2% on Thursday evening, falling below the $79,000 mark. Traders and investors watched closely as the largest exchange in the industry worked to contain the damage and reassure the public.

Changpeng Zhao, who founded Binance in 2017, addressed the incident on X. He confirmed that the event does look like a hack on Binance. Although he no longer manages the company, Zhao stated that he expects all user funds to be fully covered as a shareholder. A Binance spokesperson also issued a statement assuring users that their funds are completely safe.

Zhao was released from prison last year after serving time for violating the Bank Secrecy Act. He pleaded guilty in 2023 to a felony related to the platform's failure to prevent money laundering. President Donald Trump pardoned him in 2025. The former CEO emphasized that his security teams are reviewing all relevant information with urgency.

Binance said it will share more technical details once the investigation is complete. The company is working closely with law enforcement, issuers, and blockchain intelligence firms to trace and freeze additional assets. It has not yet explicitly confirmed the total amount of funds pilfered, but the estimated impact stands at more than $6 billion.