Binance Suspends Withdrawals After Suspected $2 Billion Hack

By Amara Osei

Binance temporarily suspended withdrawals across multiple networks after a suspected hack that crypto watchers cited by TechCrunch put at at least $2 billion. Some estimates put possible losses upwards of $5.7 billion, though TechCrunch said those figures remained unconfirmed and the theft could still be ongoing.

TechCrunch reported that financial technology company Circle froze about $800 million in Tether as it passed through Circle’s networks. The report said crypto giant Tether separately froze about $1.56 billion related to the Binance hack. TechCrunch did not indicate whether the two frozen balances overlapped.

TechCrunch described Binance as the world’s largest cryptocurrency exchange and said the company confirmed it was investigating reports that users’ funds were being drained from its wallets. In an X post hours before those reports emerged, Binance founder Changpeng Zhao said the company had likely been hacked.

Zhao no longer runs Binance, but TechCrunch identified him as its largest shareholder. He said he expected users’ funds to be “fully covered,” without explaining the claim. Zhao’s wording was more definitive than Binance’s initial statement, which called the event a potential security issue under investigation.

Ross O’Leary, a Binance spokesperson, said Binance had “temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure.” The statement did not identify the affected networks, disclose a dollar loss or explain the attack method.

In an emailed statement to TechCrunch, Binance said it was “aware of reports of a potential security issue and are actively investigating.” The exchange added: “Rest assured that user funds are completely safe.”

Binance also said: “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.” It advised users: “Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.”

How large is the suspected theft?

TechCrunch described the affected hot wallets as internet-connected cryptocurrency wallets used to store crypto. Crypto watchers cited by the outlet put the drain at at least $2 billion, the lower of two estimates, while the $5.7 billion figure remained unconfirmed. Because Binance had confirmed neither figure, TechCrunch could not establish the final amount removed from user wallets.

If confirmed into the billions, the incident would likely rank among the largest crypto breaches in history, according to