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Binance suspends withdrawals after reporting a security incident
Binance told TechCrunch it is investigating a potential security issue, paused withdrawals on multiple networks, and said user funds are safe, as watchers put unconfirmed losses in the billions.
Binance told TechCrunch on Thursday it is investigating reports of a potential security issue after users said funds were being drained from the exchange's wallets1.
Spokesperson Ross O'Leary said Binance temporarily suspended withdrawals on multiple networks as a precaution after a security incident1.
In an emailed statement, Binance said user funds are completely safe and that its security teams were reviewing information with urgency, and it warned users not to trust unofficial links, messages or requests for account information1.
Hours earlier, founder and largest shareholder Changpeng Zhao, who no longer runs the company, posted on X that Binance had likely been hacked and that he expects users' funds to be fully covered, without explaining that claim1.
Crypto watchers cited by TechCrunch said at least $2 billion had been drained from Binance hot wallets, and some estimates put losses above $5.7 billion; those figures were not confirmed and the theft may still be ongoing1.
TechCrunch reported it is unclear who is behind the incident and that Binance did not say whether it had heard from the attackers1.
Separately on Thursday, prediction market Polymarket briefly halted trading after a third-party compromise that researchers said led to about $2 million in stolen user funds, according to TechCrunch1.
