Binance freezes $3 billion in funds after suspected cyber heist
Bitcoin dropped below $77,000 as the exchange suspended withdrawals while investigating a potential security breach.
By Stella Brooks ·
Binance halted all deposits and withdrawals on Thursday to investigate a potential security issue, freezing approximately $3 billion in customer funds. The world's largest cryptocurrency exchange engaged law enforcement and began tracing additional assets immediately after discovering the anomaly.
Company representatives stated they are working around the clock to secure user funds. They promised a full post-mortem once the investigation concludes and assured that Binance will cover all losses. The exchange urged users to ignore unofficial links and requests for account information while the team reviews relevant data.
Changpeng Zhao, the founder and largest shareholder, confirmed the incident appears to be a targeted cyber heist. Although he stepped down as CEO in 2023, Zhao said he expects all user funds to be fully covered. He noted that his role as a shareholder drives his confidence in the exchange's ability to absorb the financial hit.
Market reaction was swift. Bitcoin prices fell about 5 percent following the news, dropping below the $77,000 mark. The decline reflected investor concern over the stability of the platform, which manages roughly $155 billion in assets under its custody.
If confirmed, this theft would become the largest in cryptocurrency history. It would surpass the $1.5 billion heist conducted by the North Korean state-backed Lazarus Group in 2025. The 2026 Crypto Crime Report from market intelligence firm TRM recorded $2.87 billion in stolen assets across nearly 150 hacking incidents last year.
