Binance Halts Withdrawals as Suspected Crypto Hack Loss Hits $5.7 Billion
Binance suspended withdrawals across multiple networks after a suspected hack drained at least $2 billion, with losses possibly reaching $5.7 billion.
Summary
On October 29, 2026, Binance, the world’s largest cryptocurrency exchange, confirmed a security incident and temporarily suspended withdrawals on multiple networks, spokesperson Ross O’Leary said. Crypto watchers estimate at least $2 billion was drained from its internet-connected hot wallets. Unconfirmed estimates reach $5.7 billion, and the theft may be continuing. Binance says user funds are completely safe, is urgently investigating, and warns users to distrust unofficial links, messages and account-information requests. Founder Changpeng Zhao, who no longer runs Binance but remains its largest shareholder, said the exchange was likely hacked and expects users to be fully covered, without explaining why.
Circle froze about $800 million in Tether passing through its networks, while Tether froze about $1.56 billion linked to the hack. The attacker is unknown, and Binance has not said whether the hackers contacted it. If losses reach billions, the incident would likely rank among the largest crypto breaches, eclipsing the record $1.4 billion stolen from Bybit in 2025 in an attack blamed on North Korean hackers. In a separate October 29 incident, Polymarket briefly halted trading and paused withdrawals after compromised DebugBear software led security researchers to estimate about $2 million in stolen user funds.
Positives
- Binance suspended withdrawals on multiple networks as a precaution while its security teams investigate the incident.
- Circle froze about $800 million in Tether, while Tether froze another $1.56 billion linked to the suspected hack.
- Binance says user funds remain completely safe, while Changpeng Zhao expects affected users to receive full coverage.
- Binance warned customers to avoid unofficial links, messages and requests for account information during the investigation.
Risks & concerns
- At least $2 billion may have left Binance hot wallets, with unconfirmed estimates placing the potential loss as high as $5.7 billion.
- The suspected theft may still be continuing, leaving the final scale of the incident unresolved.
- The attacker remains unidentified, and Binance has not disclosed whether it received any communication from the hackers.
- A confirmed multibillion-dollar loss could surpass Bybit’s record $1.4 billion breach from 2025.
- Polymarket separately lost about $2 million in user funds after hackers compromised software developed by DebugBear.