Binance freezes $3 billion amid breach

Binance suspended all deposits and withdrawals on Thursday to investigate a potential security issue. The move froze approximately $3 billion in funds. The company described the action as a precaution while it engaged law enforcement agencies.

Changpeng Zhao, the exchange's founder and largest shareholder, assessed the incident as a targeted cyber heist. Zhao stepped down as CEO in 2023 but remains the largest stakeholder. He stated on X that he expects all user funds to be fully covered.

Binance told Al Jazeera in a statement that its security teams are reviewing relevant information with urgency. The company committed to covering all losses and promised a full post-mortem once investigations conclude. It also advised users to remain cautious of scams and unofficial requests for account information.

The incident caused the price of Bitcoin to drop about 5 percent. The value of the world's most popular cryptocurrency fell below $77,000 following the news. This decline reflects immediate market reaction to the reported breach.

If confirmed, this would be 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. Market intelligence firm TRM reported that cybercriminals stole $2.87 billion in crypto assets across nearly 150 hacking incidents in 2025.

Founded in China by Zhao in 2017, Binance currently manages about $155 billion in assets. According to CoinMarketCap, this total is higher than any other exchange in the world.