Binance estimates $6.3 billion hit in suspected hack

Binance estimates the financial impact of a potential security breach at approximately $6.3 billion. The figure represents a massive exposure for the world's largest cryptocurrency exchange, which announced the investigation on Thursday.

Changpeng Zhao, the platform's founder, stated on social media that the incident "does look like a hack on Binance." Although Zhao no longer manages the company, he affirmed as a shareholder that he expects all user funds to be fully covered.

The company detailed its initial findings in a post on X. Binance said the issue may stem from a compromised DevOps engineer's laptop. This breach allegedly allowed an attacker to access a service container and submit unauthorized withdrawal transactions. The exchange noted that it has found no evidence of a wallet private key leak.

Binance has not explicitly confirmed that funds have been stolen. A spokesperson said in a statement that user funds are "completely safe" while security teams review the information with urgency. The company stated it will share more technical details once the facts are fully verified.

To limit the damage, Binance has temporarily suspended all deposits and withdrawals. The company is conducting security checks and working with law enforcement to trace and freeze assets. Approximately $3 billion in affected assets have been frozen on-chain so far.

Major stablecoin providers also acted in response to the incident. Paolo Ardoino, CEO of Tether, said the company froze more than $1.5 billion in currency linked to the potential hack. Jeremy Allaire, co-founder and CEO of Circle, wrote that the firm froze more than $800 million in currency in coordination with law enforcement.

The news triggered a reaction in the wider market. Bitcoin prices fell 3.2% on Thursday evening, dropping to under $79,000. The decline follows a period of volatility as investors assess the scale of the breach.

Zhao, who pleaded guilty to a felony in 2023 related to money laundering failures, has a complex history with the platform. He stepped down as CEO after his conviction but was pardoned by President Donald Trump in 2025. Zhao was released from prison last year after serving time for violating the Bank Secrecy Act.

Prosecutors previously argued that Zhao violated the regulations, which require financial institutions to monitor transactions and file reports, to an extent never seen before. He was the first individual sentenced to prison time for such violations. Zhao and Binance have supported several crypto ventures associated with the Trump family.

Binance teams are working around the clock to resolve the issue. The company indicated it will provide updates through official channels as soon as it has verified information. The investigation remains active as partners assist in tracing the movement of funds.