World’s largest crypto exchange investigates suspected multibillion-dollar hack
The world’s largest cryptocurrency exchange, Binance, has launched an investigation into a possible cyberattack after billions of dollars in digital assets were reportedly transferred from wallets linked to the platform.
Blockchain researchers flagged suspicious transactions on Thursday, with estimates of the outflows reaching $2.77 billion across five blockchains. Binance said it was investigating reports of a potential security issue but insisted that customer funds were safe. The exchange has not confirmed a hack or disclosed any financial losses.
“Our team is conducting security checks. Withdrawals will resume as soon as the security issue is fully resolved. User funds remain safe,” the company said on X on Thursday.
Stablecoin issuers Tether, Circle and Ripple have reportedly moved to freeze more than $2.5 billion in digital assets linked to the suspected hack.
Binance later confirmed that $2.54 billion in assets linked to the suspected hack had been frozen, disputing earlier reports that put the figure at $1.8 billion. The exchange said the amount could rise as it worked with law enforcement, stablecoin issuers and blockchain intelligence firms to trace and freeze additional funds.
Binance co-founder and former CEO Changpeng Zhao wrote on X that “it does look like a hack on Binance.”
The suspected attack comes amid a series of major cryptocurrency thefts this year. In September, hackers stole approximately $388 million from the Bitget exchange, while attacks on the Drift Protocol and Kelp DAO platforms in April resulted in losses of roughly $285 million and $292 million, respectively. In February 2025, suspected North Korean hackers stole approximately $1.5 billion from Bybit in what was widely described as the largest cryptocurrency heist on record at the time.
Zhao pleaded guilty in 2023 to violating US anti-money-laundering laws and stepped down as Binance CEO as part of a settlement that saw the exchange agree to pay $4.3 billion in penalties. He subsequently served a four-month prison sentence.
US President Donald Trump pardoned Zhao in October 2025. The White House defended the decision, claiming the Binance founder had been unfairly prosecuted under former President Joe Biden as part of a broader crackdown on the cryptocurrency industry.
