Cryptocurrency exchange Binance has reported that approximately $3 billion in funds were frozen following a potential security issue, prompting the platform to suspend deposits and withdrawals while investigating the incident. The company said the move was precautionary and that it was working with law enforcement.
In a statement, Binance said its security teams were reviewing relevant information and tracing additional assets. The exchange also pledged to cover all losses and assured users that their funds were safe. It said a detailed post-mortem report would be released after the investigation was completed.
The incident triggered a decline in cryptocurrency prices, with Bitcoin falling around 5% to below $77,000, according to the supplied report. The market reaction highlighted concerns about the security of digital assets and the potential impact of a major exchange incident.
Binance founder and largest shareholder Changpeng Zhao suggested that the exchange may have been targeted in a cyber heist. Zhao, who stepped down as CEO in 2023, said he expected user funds to be fully covered. However, the precise nature and extent of the suspected attack had not been confirmed in the report.
If investigators establish that a major theft occurred, the incident could rank among the largest cryptocurrency heists recorded. The report compared the potential scale with a $1.5 billion crypto theft attributed to North Korea's state-backed Lazarus Group in 2025.
Binance urged users to remain alert to scams and avoid unofficial links, messages or requests for account details. Until the investigation provides clearer answers, users should rely on verified company communications rather than unconfirmed claims circulating online.
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