Binance, the world’s largest cryptocurrency exchange, is investigating a suspected security breach that may have exposed assets worth around $6.3 billion. The company said on Thursday that it was examining the incident, but has yet to confirm whether any funds were stolen or determine the full extent of the potential damage.
Blockchain analysis firm TRM has attributed the $6 billion crypto hack to North Korea. Binance, meanwhile, has temporarily suspended deposits and withdrawals as it carries out security checks and works with law enforcement agencies and industry partners to investigate the incident.
Binance says $3 billion in assets frozen so far
In a post on X, Binance estimated the total impact of the incident at around $6.3 billion, adding that approximately $3 billion in affected assets had been frozen on the blockchain so far. The exchange said it was working with blockchain partners to trace and freeze additional funds.
The company has also sought to reassure customers that their holdings remain protected. “Rest assured that user funds are completely safe,” a Binance spokesperson said in a statement. The spokesperson added that security teams were reviewing all relevant information and that updates would be shared through official channels once the details had been verified.
Binance’s preliminary investigation points to a possible compromise involving a DevOps engineer’s laptop. The attacker may have used the compromised device to gain access to a service container and submit unauthorised withdrawal transactions.
However, the exchange said it had found no evidence of a leak involving wallet private keys. It has not confirmed the identity of the attacker or established whether the suspected breach resulted in losses for users. Binance said further technical details would be made public once the investigation was complete and its findings had been verified.
Tether and Circle freeze funds linked to suspected hack
The investigation has also prompted action from two major stablecoin issuers, Tether and Circle, which have frozen assets associated with the incident.
Tether CEO Paolo Ardoino said the company had frozen more than $1.5 billion in assets linked to what he described as a potential Binance exchange hack. Circle co-founder and CEO Jeremy Allaire separately said his company had frozen more than $800 million in associated funds in coordination with law enforcement.
Binance said it was working with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to identify and freeze further assets.
The exchange’s founder, Changpeng Zhao, who stepped down as CEO in 2023, also addressed the incident on X, describing it as a possible hack.
“User funds are safe!” Zhao wrote. He added that although he no longer managed Binance, he expected all user funds to be fully covered as a shareholder.
Bitcoin falls as crypto market faces pressure
The suspected security incident has coincided with pressure on cryptocurrency markets. Bitcoin fell 3.2% on Thursday evening, slipping below the $79,000 mark.
The episode has once again drawn attention to security risks facing cryptocurrency exchanges and other digital asset platforms, which remain vulnerable to cyberattacks and unauthorised transactions.
Founded in 2017, Binance allows users to buy, sell and trade digital assets and has grown into the world’s largest cryptocurrency exchange. Zhao stepped down as its chief executive in 2023 after pleading guilty to a felony related to failures to prevent money laundering on the platform. US President Donald Trump pardoned him in 2025.
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