Binance freezes $3bn amid suspected hack, other exchanges follow

Binance announced on Thursday that it has frozen digital assets worth roughly $3 billion, or £2.24 billion, to prevent further theft while its security teams investigate a suspected breach. The exchange also temporarily suspended all deposits and withdrawals and said it would cover any losses that arise from the incident.

The move follows alerts from two other major crypto platforms. Tether and Circle said they had frozen a combined $2.4 billion of assets in response to the potential Binance hack. While Binance has not disclosed how much was actually stolen, experts estimate the figure could exceed $5 billion. Glassnode, a digital-asset advisory firm, put the total at $5.3 billion, and Chainalysis, a blockchain analytics company, estimated that more than $5.9 billion had been taken. Those amounts are nearly four times the value of crypto stolen from Bybit in 2025, an incident attributed to hackers linked to North Korea.

The security incident involves Binance.com, the global platform, while Binance.US, which serves American residents, stated that its services were not affected. Former Binance chief Changpeng Zhao, who remains a key shareholder, confirmed on X that “It does look like a hack.” Binance said it is working around the clock with law enforcement and other partners to trace and seize additional assets, and that the amount of funds frozen may rise as the investigation proceeds.

Bitcoin fell about 5 percent after the alerts, and other major cryptocurrencies such as Ethereum and Solana also saw sharp declines. The market reaction underscored the fragility of the sector when a single exchange faces a security breach.

Circle’s chief executive Jeremy Allaire said the company was closely monitoring reports of a potential exploit involving Binance and that it had frozen more than $800 million in assets linked to the incident. Circle is the issuer and co-creator of USDC, one of the world’s largest US dollar-backed cryptocurrencies. Tether CEO Paolo Ardoino said his firm had frozen around $1.6 billion “related to a potential Binance exchange hack” and that protecting the industry and its partners was the company’s main priority.

Binance is the largest crypto exchange by daily trading volume, and its actions have reverberated across the industry. The company has promised a full post-mortem once the investigation is complete and urged users to rely only on official Binance channels for updates. The incident raises questions about the adequacy of security protocols in the rapidly expanding crypto market and the potential ripple effects on market confidence and regulatory scrutiny.

Looking ahead, Binance’s investigation may uncover additional stolen assets, potentially increasing the frozen amount. The event also highlights the need for tighter security measures and greater transparency among crypto exchanges. Investors and operators will be watching closely to see how the industry adapts to prevent similar breaches and to restore confidence in digital asset trading.