Binance slams the exit shut as billions vanish

An hour ago Binance founder Changpeng Zhao said the exchange appears to have been hacked. Now Binance itself has reacted, and not only with words: it has temporarily suspended withdrawals on multiple networks.

Binance spokesperson Ross O'Leary called it a precautionary measure following a security incident. In its official statement the exchange says it is aware of reports of a potential security issue, is investigating urgently and will share updates only through official Binance channels. It also adds: "Rest assured that user funds are completely safe."

That sounds calm, but the blockchain does not look calm. Crypto watchers say at least $2 billion has been drained from the exchange's hot wallets, the ones that stay connected to the internet. Some estimates put the losses as high as $5.7 billion, and the theft may still be going on. None of these numbers are confirmed.

Stablecoin issuers keep catching money mid-flight: Tether has now frozen about $1.56 billion tied to the hack. Binance has not said who is behind the attack or whether the hackers have contacted it.

For scale, the record crypto theft so far is the 2025 Bybit hack, about $1.4 billion, blamed on North Korean hackers. If the billions are confirmed, Bybit loses that title. For now the world's largest exchange has shut the exit, and that says more than any reassurance.