Fears of Binance hack prompt Tether, Circle to freeze over $1.5 billion in funds

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Cryptocurrency exchange Binance is investigating a potential hack after a series of very large transfers on the platform caught the attention of traders.

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The digital currency exchange Binance says it was the target of a $6.3 billion crypto heist Thursday, believed to be the largest ever recorded.

The company has suspended all deposits and withdrawals while it works with law enforcement to secure its infrastructure and locate stolen funds.

The hack originated from a compromised laptop, it said, which allowed “an attacker to gain access to a service container and submit unauthorized withdrawal transactions.”

“The estimated total impact sits at around $6.3B,” Binance said late Thursday on X.

About $3 billion of crypto assets that transited through wallets connected to the hackers have so far been identified and frozen, the company said.

Binance will “cover all losses” from the hack, it said, adding, “User funds are safe.”

“We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice,” it said.

Binance is the world’s largest cryptocurrency trading platform by volume, with hundreds of thousands of users who buy, sell and store billions of dollars’ worth of digital currencies on the exchange.

Unlike traditional bank deposits, funds kept in accounts with companies like Binance are not automatically insured against losses, potentially leaving any refunds up to the discretion of individual exchanges.

The previous record for a crypto heist was $1.5 billion that hackers from North Korea stole from Bybit in February 2025.

Binance cautioned that the full value of assets affected by the hack, as well as assets recovered or frozen, could change.

“This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets,” it said.

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As word of the hack spread online Thursday, major cryptocurrencies traded lower. Bitcoin was down about 4.3%, while Ethereum lost 4.6% of its value.

Two major stablecoin issuers, Tether and Circle, said they had identified billions of dollars in assets connected to the hackers and had frozen them.

Tether froze more than $1.567 billion worth of its digital currency, CEO Paolo Ardoino said on X.

Jeremy Allaire, CEO of stablecoin issuer Circle, said the company had also frozen hundreds of millions of dollars of assets and was coordinating with law enforcement.

The massive breach of Binance occurs at a moment when cybersecurity defenses around the world are on high alert about the possibility of novel attacks facilitated by recent advances in artificial intelligence.

Digital currency has been a primary target of hackers for years. In 2025, Coinbase disclosed that thieves had stolen customers’ personal information and tried to extort the company for $20 million. Coinbase refused to pay and offered a bounty for information leading to arrests, instead.

Binance’s founder, Changpeng Zhao, said, “As a shareholder, I expect all user funds will be fully covered.”

Zhao stepped down as the CEO of Binance in 2023 and pleaded guilty to breaking U.S. anti-money-laundering laws. President Donald Trump later granted him a full pardon.

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David Ingram is a tech reporter for NBC News.