Binance Suffers Security Breach Affecting $6.3 Billion in Assets, Nearly $3 Billion Frozen

What happened

Cryptocurrency giant Binance said on Thursday that a security incident on its platform has impacted about $6.3 billion worth of assets; the world's biggest cryptocurrency exchange said nearly $3 billion of those assets have been frozen on-chain so far.

Tether and Circle said they have frozen more than 1.567 billion USDT and 800 million related to the incident, respectively.

What changed

If confirmed stolen, the amount would far exceed the $1.5 billion stolen from Bybit by North Korean hackers in February 2025, the largest confirmed crypto heist on record.

In a statement to BleepingComputer, a Binance spokesperson confirmed that the exchange was investigating reports of a potential security issue while reassuring customers that their funds were safe.

Our teams are aware of reports of a potential security issue and are actively investigating.

Who is affected

The company said there is no evidence of a wallet private key leak, adding it will cover all losses from the Secure Asset Fund for Users ( SAFU ) fund and its own funds.

Rest assured that user funds are completely safe, the spokesperson told BleepingComputer.

Why it matters

The Arbitrum Security Council is said to have executed a transaction to freeze about $30.5 million from the Binance Exploit.

Cryptocurrency exchange Binance is investigating a potential security breach involving up to $5.8 billion in digital assets, in what could become the largest cryptocurrency hack in history.

Technical details

According to blockchain transaction analysis shared on X by crypto journalist StarPlatinum, a Binance hot wallet known as Binance 14 transferred about $2.53 billion across 64 cryptocurrency tokens, followed 24 seconds later by another $174.4 million from a second Binance wallet.

Blockchain explorer Etherscan has also labeled the initial receiving address as Binance Hot Wallet Exploiter 2, assigning it both Exploit and Heist tags.

Response

Circle CEO Jeremy Allaire also confirmed that the company had frozen more than $800 million in USDC linked to the incident, adding that Circle was coordinating with law enforcement and would continue supporting the investigation.

A later update claimed that a third Binance hot wallet transferred another 780 million USDC to the same Ethereum address , bringing the reported total to about $3.48 billion.

What security teams should do

Meanwhile, blockchain intelligence platform Arkham Intelligence is tracking 55 cryptocurrency addresses under an entity labeled binance-hacker-1029, with combined holdings valued at about $5.78 billion.

However, it should be noted that Arkham's $5.78 billion figure is the value of assets held across all tracked wallets, rather than a confirmed amount stolen from Binance.

What remains unknown

Polymarket has not disclosed how many users were affected, how much cryptocurrency was stolen, or how the reimbursement process will work.

It is unclear whether the website outage is related to containment efforts or another consequence of the incident.

Attribution

The Hacker News: Cryptocurrency giant Binance said on Thursday that a "security incident" on its platform has impacted about $6.3 billion worth of assets.

BleepingComputer: Cryptocurrency exchange Binance is investigating a potential security breach involving up to $5.8 billion in digital assets, in what could become the largest cryptocurrency hack in history.

BleepingComputer: Prediction market platform Polymarket temporarily suspended trading on Thursday after hackers compromised a third-party service to distribute cryptocurrency-draining JavaScript, with approximately $2.5 million in assets traced to a suspected attacker wallet.

What to watch next

Watch for additional victim details, indicators of compromise and follow-on exploitation reports.

Watch for revised vendor guidance, fixed versions and mitigation updates.