Binance halts withdrawals and freezes billions following suspected cyberattack

Binance has halted customer withdrawals and deposits after freezing approximately $3 billion in digital currencies during an inquiry into a potential security breach.

The major cryptocurrency trading venue announced that services were put on hold while internal specialists perform technical reviews. Company representatives pledged that the firm will cover all losses resulting from the disruption, reassuring customers that client balances remain secure. Changpeng Zhao, the platform's former chief executive and current majority shareholder, stated publicly that the situation appears to be an attack on the exchange.

Efforts to limit the fallout extended across the wider digital asset sector. Stablecoin issuers Tether and Circle confirmed that they have locked down roughly $2.4 billion in linked holdings. Circle chief executive Jeremy Allaire said his organization frozen more than $800 million associated with the incident, while Tether chief executive Paolo Ardoino reported that his firm placed restrictions on roughly $1.6 billion in funds.

Binance indicated that the total volume of locked assets could grow further as internal investigators collaborate with law enforcement authorities and external industry partners to track down and recover affected holdings. The exchange noted that operations teams are working continuously on the problem and promised to release a comprehensive review once inquiries finish.

The reports triggered immediate volatility across digital currency markets. Bitcoin declined by roughly 5 percent shortly after the platform posted its security notices, while other prominent tokens, including Solana and Ethereum, suffered steep losses.

Market analysts and industry trackers had voiced suspicions regarding anomalous activity on the trading platform several hours prior to the firm confirming the issue. While the precise magnitude of the breach has not yet been confirmed, digital currency platforms have previously faced severe cyber intrusions, such as a $1.5 billion theft from Bybit in 2025 that authorities tied to North Korean hacking syndicates.