Binance Halts Withdrawals Amid Suspected Multi-Billion Crypto Heist

Binance said it has temporarily stopped withdrawals on several networks after a security incident that may have drained billions from its hot wallets.

NationPulse Desk

Oct 30, 2026 · 3:27 AM 2 min read

Key takeaways

Binance temporarily stopped withdrawals on several networks after a security incident.

Circle froze about $800 million in Tether, while Tether froze roughly $1.56 billion related to the hack.

Crypto analysts estimate at least $2 billion, possibly up to $5.7 billion, was taken from Binance's hot wallets.

Founder Changpeng Zhao said users' funds would be "fully covered" despite not detailing the claim.

Polymarket also paused withdrawals after a third-party breach that led to a $2 million loss.

Binance confirmed to TechCrunch that it is handling a security incident after users reported funds being taken from the exchange's wallets.

The world's biggest crypto exchange said in an emailed statement that it is "aware of reports of a potential security issue and are actively investigating."

"Rest assured that user funds are completely safe," Binance added, and warned that its security teams are reviewing all relevant information urgently. It promised updates via official Binance channels once verified information is available, and urged users to beware of scams, unofficial links, messages or requests for account details.

Spokesperson Ross O'Leary said Binance has "temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure."

The breach was disclosed hours after founder Changpeng Zhao posted on X that the firm was likely hacked. Zhao, now the largest shareholder rather than the operator, said he expects users' funds to be "fully covered," without further explanation.

Financial-tech firm Circle froze roughly $800 million in Tether as it moved through its networks, while Tether itself locked about $1.56 billion linked to the Binance hack.

Observers estimate at least $2 billion has been taken from Binance's hot wallets, with some calculations suggesting losses could exceed $5.7 billion, though figures remain unverified and the theft may still be ongoing.

The identity of the attackers is unknown, and Binance did not confirm any contact from the hackers.

If the loss reaches the billions, it would rank among the largest crypto breaches recorded, according to theft-tracking leaderboards.

In 2025, a separate breach at Bybit saw hackers steal a record $1.4 billion, an attack blamed on North Korean actors.

In a likely unrelated event earlier Thursday, prediction-market platform Polymarket halted trading after confirming a third-party compromise, pausing withdrawals. Security researchers said hackers stole about $2 million in user funds by exploiting software from a firm called DebugBear.

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