Binance is investigating a possible hack on Thursday, according to a company spokesperson, though it’s still unclear just how much damage has been done.
“Our teams are aware of reports of a potential security issue and are actively investigating. Rest assured that user funds are completely safe,” a spokesperson for the crypto platform told Gizmodo over email.
“Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information,” the spokesperson continued.
The crypto company’s spokesperson warned, “Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.”
It’s still unknown how much has been pilfered, with some estimates ranging from $1.7 billion to as high as $5.7 billion, according to Coindesk.
Changpeng Zao, the founder of Binance who’s no longer head of the company, tweeted: “User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).”
But Coindesk notes that it could be much higher, as crypto trackers watch over $5 billion moving through Arkham. Crypto reporter Molly White noted some of the wallets may be unrelated and the $5 billion+ number is a likely overestimate.
The CEO of stablecoin company Tether, Paolo Ardoino, wrote on X Thursday that his company “froze more than 1.567B USDT related to a potential Binance exchange hack.” Ardoino wrote that “Protecting the industry and our partners is our main priority. Stay safe everyone.”
The price of various cryptocurrencies dipped on the news, with Bitcoin down about 2.8% to $79,026, Ether down about 3.6% to $2,275, and BNB down 6.9% to $704 as of 6:55 p.m. ET.
The largest crypto hack to date was in 2025 when North Korean-connected hackers known as Lazarus stole about $1.5 billion worth of crypto from the Bybit exchange. If the early reports are accurate, Thursday’s hack of Binance would be the biggest crypto hack in history.
Binance tweeted at 6:33 p.m. ET that their team is currently conducting security checks.
“Withdrawals will resume as soon as the security issue is fully resolved,” the company tweeted. “User funds remain safe. We’ll keep you updated. Thank you for your patience.”
This is a developing story and will be updated.
