Cryptocurrency exchange Binance has suspended all deposits and withdrawals following a “potential security issue” that has frozen approximately $3 billion in user funds. The world’s largest digital asset platform announced the halt on Thursday as it launched an internal investigation and engaged with law enforcement agencies.
Transactions Halted and Assets Frozen
The company stated it was working continuously to trace and secure additional assets. Binance emphasized that it would cover all losses resulting from the incident and assured users that their funds remain safe. The exchange pledged to release a full post-mortem report once its investigation concludes.
In a statement provided to Al Jazeera, Binance noted that its security teams are reviewing all relevant information with urgency. The company directed users to official channels for verified updates and warned against potential secondary threats. Binance advised customers to be wary of scams and to ignore any unofficial links, messages, or requests for account details that may circulate in the wake of the disruption.
Founder Calls It a Cyber Heist
Changpeng Zhao, the founder and largest shareholder of Binance, suggested the platform was the target of a coordinated cyber attack. Zhao, who stepped down as chief executive officer in 2023 and no longer manages daily operations, posted on X that the situation “does look like a hack on Binance.” He added that as a shareholder, he expects all user funds to be fully covered.
If the theft is confirmed, this incident would surpass the $1.5 billion crypto heist executed by the North Korean state-backed Lazarus Group in 2025. It would stand as the largest theft of digital assets in history. According to the 2026 Crypto Crime Report by market intelligence firm TRM, cybercriminals stole $2.87 billion in crypto assets across nearly 150 hacking incidents in 2025.
Market Impact and Bitcoin Decline
The news triggered immediate volatility in the broader cryptocurrency market. Bitcoin, the most widely traded digital currency, fell approximately 5 percent following the announcement. The price dropped below the $77,000 mark as traders reacted to the uncertainty surrounding the largest exchange.
Binance, which was founded in China by Zhao in 2017, currently manages about $155 billion in assets. This figure makes it the largest exchange by assets under management, according to CoinMarketCap data. The company continues to investigate the scope of the breach while maintaining the suspension of services.
Source: Al Jazeera
