Key facts
- Binance is investigating a potential security incident.
- Tether and Circle froze over $2.38 billion in stablecoins.
- Binance founder Changpeng Zhao stated the incident "looked like a hack."
- Over $2 billion has been drained from Binance's hot wallets, with some estimates suggesting losses upwards of $5.7 billion.
- Binance has temporarily suspended withdrawals on multiple networks.
Binance is investigating a potential security incident after suspicious transfers led to Tether and Circle freezing over $2.38 billion in stablecoins. The exchange stated user funds remain safe while it reviews the situation. Binance founder Changpeng Zhao said on X that the incident "looked like a hack."
Tether froze nearly $1.57 billion related to the hack, with Circle freezing over $800 million. Binance has temporarily suspended withdrawals on multiple networks as a precautionary measure. Crypto watchers estimate at least $2 billion has been drained from Binance’s hot wallets, with some estimates suggesting losses upwards of $5.7 billion.