Binance freezes $3 billion in assets after suspected cyberattack

Binance has frozen approximately $3 billion in user funds following a reported security incident.

The exchange suspended all deposits and withdrawals on Thursday as a precautionary measure. Company officials stated that law enforcement agencies are currently engaged in the investigation. Binance said it is working around the clock to trace and freeze additional assets. The firm promised to provide a full post mortem once the investigations are complete. It also stated that it would cover all losses and that user funds remain safe.

In a statement to Al Jazeera, the company said its security teams are reviewing all relevant information with urgency. "We will provide updates through official Binance channels as soon as we have verified information," the statement read. Binance advised users to remain cautious of scams and to avoid trusting unofficial links, messages, or requests for account information.

The incident caused the price of Bitcoin, the most popular cryptocurrency, to fall by about 5 percent. The value dropped below $77,000 following the news. Changpeng Zhao, the exchange's founder and largest shareholder, said the situation appears to be a cyber heist. Zhao stepped down as CEO in 2023 and no longer manages daily operations. "I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered," he wrote on X.

If confirmed, this event would rank as the largest theft of crypto assets in history. It would exceed the $1.5 billion heist carried out by the North Korean state backed Lazarus Group in 2025. 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.

Binance was founded in China by Zhao in 2017. The platform currently manages about $155 billion in assets, a figure that exceeds any other exchange according to CoinMarketCap.