Binance suspends withdrawals after hack estimated at $2 billion
By the AFREEQUE newsroom, based on TechCrunch
Illustrative image · Rafael Minguet Delgado · Pexels · Licence PexelsBinance has temporarily suspended withdrawals on several networks following a security incident affecting the platform’s wallets. Observers estimate that at least $2 billion was stolen, while Tether and Circle have frozen funds linked to the hack, according to TechCrunch.
Binance has temporarily suspended withdrawals on several networks following a security incident, while observers estimate that at least $2 billion was stolen from the platform’s internet-connected wallets. Binance spokesperson Ross O’Leary described the suspension as a precaution, and the company confirmed to TechCrunch that it was investigating a possible security issue.
Binance says users’ funds are safe and recommends being wary of unofficial links and messages. Its founder and major shareholder, Changpeng Zhao, said on X that he expected customers’ losses to be fully covered.
Circle froze around $800 million in Tether that had passed through its networks, while stablecoin issuer Tether blocked nearly $1.56 billion linked to the hack. Some estimates put the losses at more than $5.7 billion, but these figures have not been confirmed. The perpetrators’ identities are unknown.
If losses of several billion dollars are confirmed, the attack would rank among the largest in the sector. In 2025, hackers stole $1.4 billion in an attack on the Bybit platform, attributed to North Korean hackers.
