Binance investigates potential multibillion-dollar breach as issuers freeze over $2.3 billion
Binance is investigating a potential security incident following multibillion-dollar wallet outflows, while stablecoin issuers have frozen billions of dollars in digital assets and co-founder Changpeng Zhao pledged that user funds will be covered.
Binance announced that its security teams are actively investigating reports of a potential security issue following massive unauthorized outflows from exchange-linked wallets. In an official statement, the company said it has not confirmed any impact to user funds at this stage and warned users to stay alert against scams while it verifies information.[2][8][11]
Binance co-founder Changpeng Zhao acknowledged that the activity "does look like a hack on Binance" but assured users that their assets remain safe. Zhao, who noted that he no longer manages the exchange but remains a shareholder, stated that losses might exceed $1 billion and confirmed that Binance will cover the shortfall.[3][4][7][9]
In response to the suspicious wallet transfers, major stablecoin issuers moved quickly to blacklist illicit funds. Tether Chief Executive Paolo Ardoino confirmed that the company froze more than $1.567 billion in USDT. Circle Chief Executive Jeremy Allaire reported freezing over $800 million in USDC in coordination with law enforcement, while World Liberty Financial froze $27 million in USD1. On-chain analytics accounts reported that total outflows from the incident ranged between $5.5 billion and more than $5.8 billion.[1][5][6][10][12][14]
Key facts
- Binance stated that it is actively investigating reports of a potential security issue and has not confirmed any impact to user funds.
- Binance co-founder Changpeng Zhao said the activity "does look like a hack" but maintained user funds are safe and will be fully covered.
- Tether CEO Paolo Ardoino confirmed freezing more than $1.567 billion in USDT linked to the suspected incident.
- Circle CEO Jeremy Allaire stated Circle froze more than 800 million USDC in coordination with law enforcement.
- World Liberty Financial froze $27 million in USD1 connected to the suspected breach.
- On-chain trackers and reports estimated suspicious outflows from Binance hot wallets at between $5.57 billion and over $5.8 billion.
Sources · 12 sources
- CO
CoinDesk@CoinDeskPost on X ·
UPDATE: Tether, Circle and World Liberty Financial have frozen more than $2.39 billion in stablecoins linked to the suspected Binance hack. Tether CEO Paolo Ardoino confirmed $1.567 billion in USDT frozen. Circle CEO Jeremy Allaire reported more than $800 million in USDC. World Liberty Financial CEO Zach Witkoff said $27 million in USD1 had been frozen.
Open source - WG
Watcher.Guru@WatcherGuruPost on X ·
JUST IN: Binance issues statement following suspected crypto hack. "Our teams are aware of reports of a potential security issue and are actively investigating. At this stage, we have not confirmed any impact to user funds. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. "
Open source - TB
The Block@TheBlockCoPost on X ·
UPDATE: Binance co-founder Changpeng Zhao said user funds are safe and that the activity "does look like a hack on Binance." Zhao, who no longer manages Binance, said he expects all user funds to be fully covered. He also thanked Tether and Circle for freezing about $971 million in USDT and $823 million in USDC, respectively.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 NOW: Binance founder CZ said losses may exceed $1 billion but confirmed they will be covered. https://t.co/1195x4h7HW
Open source - KC
Kalshi Crypto@Kalshi_CryptoPost on X ·
BREAKING: Tether CEO Paolo Ardoino says "Tether froze more than 1.567B USDT related to a potential Binance hack"
Open source - FC
Frank Chaparro@fintechfrankPost on X ·
Tether has frozen more than $1.567 billion in USDT linked to a potential hack of Binance, according to Tether CEO Paolo Ardoino. “Protecting the industry and our partners is our main priority,” Ardoino said.
Open source - TK
The Kobeissi Letter@KobeissiLetterPost on X ·
BREAKING: Binance founder Changpeng Zhao (CZ) says it appears as though Binance has been hacked. CZ also says he expects all user funds to be "fully covered." "I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered," CZ says.
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
BINANCE FULL STATEMENT 👇 Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.
Open source - TK
The Kobeissi Letter@KobeissiLetterPost on X ·
BREAKING: Binance founder CZ says losses in the Binance hack might be over $1 billion, but the company "will cover" losses.
Open source - LO
Lookonchain@lookonchainPost on X ·
Binance has been hacked for over $5.8B! Of that, 1.58B $USDT and 823M $USDC (a total of $2.41B) have been frozen. https://t.co/PUX6kzWPJt https://t.co/Dq9Ngp473t
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 BIG: Binance says it is investigating a potential security issue and has not confirmed any impact on user funds. https://t.co/Xi3nK4B35P
Open source - AI
Analytics Insight@analyticsinmePost on X ·
𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐅𝐚𝐜𝐞𝐬 𝐔𝐒𝐃 𝟓.𝟓𝟕 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐖𝐚𝐥𝐥𝐞𝐭 𝐎𝐮𝐭𝐟𝐥𝐨𝐰: 𝐔𝐒𝐃 𝟏.𝟖 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧𝐬 𝐅𝐫𝐨𝐳𝐞𝐧 A suspected security breach has put Binance under intense scrutiny after USD 5.57 billion moved from exchange-linked wallets. Tether and Circle have frozen USD 1.8 billion in USDT and USDC, while Binance investigates the unusual transactions. The exchange has not confirmed any impact on customer funds. #Binance #CryptoHack #Tether #USDT #Circle #USDC #CryptoSecurity #AI #AINews #AnalyticsInsight #AnalyticsInsightMagazine Read More 👇 https://t.co/t8gT3X3iuq
Open source - CR
CryptoSlateArticle ·
Trump’s crypto firm joins Tether, Circle, and Ripple in $2.6 billion stablecoin freeze as Binance hack outflows near $6 billion Stablecoin issuers, including Tether, Circle, Ripple, and World Liberty Financial, have frozen more than $2.6 billion in digital assets linked to a suspected Binance security breach involving nearly $6 billion. On Oct. 29, Tether CEO Paolo Ardoino said the company had frozen more than $ 1.567 billion in USDT linked to the suspected incident. He… Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - JA
Jeremy Allaire@jerallairePost on X ·
Circle is closely tracking reports of a potential exploit involving Binance. In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.
Open source