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Binance pauses withdrawals as hackers suspected of stealing billions in crypto

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Binance pauses withdrawals as hackers suspected of stealing billions in crypto

Binance has confirmed to TechCrunch that it is dealing with a security incident as users reported that funds were being drained from the crypto exchange’s wallets.

The world’s largest cryptocurrency exchange said in an emailed statement to TechCrunch that it is “aware of reports of a potential security issue and are actively investigating.”

“Rest assured that user funds are completely safe,” Binance said in a statement.  

“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,” the statement added. “Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.”

Binance spokesperson Ross O’Leary said that Binance has “temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure.”

News of the breach comes hours after Binance founder Changpeng Zhao said in a post on X that the company had been likely hacked. Zhao, who no longer runs the company but is its largest shareholder, said that he expects users’ funds to be “fully covered,” but did not provide an explanation for the claim.

Financial tech giant Circle froze about $800 million in Tether as it passed through its networks, while crypto giant Tether itself froze about $1.56 billion related to Binance’s hack.

Crypto watchers say at least $2 billion has been drained from Binance’s hot wallets, which are internet-connected cryptocurrency wallets that store crypto that are connected to the internet. 7 billion in crypto , though the numbers have not been confirmed and it’s possible that the theft is ongoing.


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