Binance Investigates Suspected Multibillion-Dollar Hack, Says Customer Funds Are Safe

Tether and Circle say they have frozen more than $2.3 billion linked to the suspected breach. Estimates of the assets involved reach $5.7 billion, but Binance has not announced a final amount stolen.

Binance is investigating a suspected major hack after billions of dollars in cryptocurrency moved from wallets associated with the exchange. The company says customer funds are safe, while stablecoin issuers Tether and Circle have intervened to block the movement of assets linked to the incident.

Former Binance chief executive Changpeng Zhao said the activity "does look like a hack" and that he expects customer funds to be fully covered. He stressed, however, that he no longer manages the exchange.

Gizmodo, citing CoinDesk, reported estimates reaching $5.7 billion. Binance has not announced a final amount stolen.

Tether and Circle Freeze More Than $2.3 Billion

The companies behind two major stablecoins pegged to the dollar have reported substantial freezes as the investigation continues.

Tether chief executive Paolo Ardoino said the company had frozen more than 1.567 billion USDT connected to a potential Binance hack. Circle chief executive Jeremy Allaire said more than 800 million USDC had been frozen in coordination with law enforcement, according to The Crypto Times.

Those announcements put the combined total above $2.3 billion. They also represent an increase from the figures Zhao initially cited when he thanked Tether for freezing approximately $971 million and Circle for freezing approximately $823 million.

Zhao Expects Customers to Be Fully Covered

Zhao's response addressed the immediate concern for Binance users: whether the suspected breach would leave them facing losses.

He said he expects customer funds to be fully covered, speaking as a shareholder rather than as the person directing the exchange's response. Zhao stepped down as Binance chief executive in November 2023.

Large Transfers Leave the Total Unsettled

CoinDesk's initial reporting described a newly identified account holding more than $2 billion in cryptocurrencies, including ether, USDT and USDC.

Binance Warns Users About Scams

While its security teams review the incident, Binance has warned customers against trusting unofficial links, messages or requests for account information. The exchange says updates will come through its official channels.