Binance halts withdrawals after at least $2 billion crypto theft
Hackers drained at least $2 billion from Binance's internet-connected wallets; estimates suggest total theft could reach $5.7 billion.
Binance, the world's largest cryptocurrency exchange by trading volume, paused withdrawals across multiple networks after users reported funds draining from its wallets. The exchange confirmed to TechCrunch it was dealing with a security incident but said user funds are safe.
At least $2 billion has been drained from Binance's hot wallets (internet-connected storage). Some estimates put total losses as high as $5.7 billion, though those figures remain unconfirmed.
Founder Changpeng Zhao said users' funds would be fully covered but gave no explanation. Circle froze about $800 million in Tether, while Tether froze about $1.56 billion.
- At least $2 billion
- Confirmed amount drained
- Up to $5.7 billion
- Estimated total theft
- $800 million
- Circle frozen Tether
- $1.56 billion
- Tether frozen
Why it mattersIf the theft exceeds $5 billion, it would rival the largest crypto breach on record and raise urgent questions about exchange security and insurance.
AustraliaMany Australian crypto investors hold funds on Binance; a confirmed multi-billion theft would prompt questions about exchange safety and whether Australian regulators should mandate insurance coverage.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
