Binance, the world’s largest cryptocurrency exchange, has confirmed a security incident after users reported funds being drained from its wallets, TechCrunch reports. Binance has temporarily suspended withdrawals across several networks as a precaution. The company says user funds are safe and its security teams are investigating, but has not confirmed the full scale of the breach.
Crypto analysts estimate that at least $2 billion, and possibly up to $5.7 billion, may have been stolen from Binance’s hot wallets. Circle and Tether, two major stablecoin firms, have frozen over $2 billion in assets linked to the breach. Binance has not identified the attackers or confirmed whether the theft is ongoing.
If the losses are confirmed, this would be among the largest crypto thefts recorded. The breach follows a recent $1.4 billion hack at Bybit in 2025. The incident highlights the persistent risks for financial firms and fintechs that rely on crypto exchanges for custody and settlement.
Executives at regulated firms should review their exposure to crypto infrastructure and ensure their own security and contingency plans are up to date. Watch for further updates from Binance and potential regulatory responses.
