Binance freezes $3bn and halts withdrawals after suspected hack

Binance, the world's largest cryptocurrency exchange, said on Thursday that at least $3bn in funds had been frozen and that it had suspended all deposits and withdrawals as a precaution while it investigates a "potential security issue".

The company said it was working "around the clock" to trace and freeze further assets, and would publish a "full post-mortem" once its investigation was complete. It said it would cover "all losses" and that user funds were 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," Binance said in a statement to Al Jazeera.

The exchange also urged users to "remain cautious of scams" and not to trust unofficial links, messages or requests for account information.

Former CEO points to a hack

Changpeng Zhao, who founded Binance and remains its largest shareholder, said the exchange appeared to have been targeted in a cyber heist. Zhao stepped down as chief executive in 2023 and no longer manages its operations.

"It does look like a hack on Binance," he wrote in a post on X. "I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered."

If a hack is confirmed, it would rank as the largest theft of crypto assets on record, exceeding the $1.5bn heist attributed to the North Korean state-backed Lazarus Group in 2025.

Bitcoin slides

The price of Bitcoin fell about 5 percent after the incident, dropping below $77,000.

Crypto crime was already a significant concern. Cyber criminals stole $2.87bn in crypto assets across nearly 150 hacking incidents in 2025, according to the 2026 Crypto Crime Report produced by market intelligence firm TRM.

Binance was founded in China by Zhao in 2017 and has about $155bn in assets under management, more than any other exchange, according to CoinMarketCap.

Source: Al Jazeera.