GoKawiilBinance suspends withdrawals amid suspected multi-billion-dollar hack
Binance confirmed it is investigating a security incident after users reported funds draining from its wallets, and has temporarily halted withdrawals across multiple networks as a precaution. Circle froze roughly $800 million and Tether froze about $1.56 billion in tokens tied to the incident, while crypto watchers estimate at least $2 billion—possibly as much as $5.7 billion—was drained from Binance's hot wallets. Binance says user funds remain safe but has not confirmed the total loss or identified any attacker.
GoKawiil's interpretation of the reporting above, not reported fact.
If the higher loss estimates are confirmed, this could become one of the largest crypto exchange breaches on record, testing Binance's ability to reassure users and regulators. Former CEO Changpeng Zhao's claim that losses will be 'fully covered' is unverified and suggests the company may be trying to contain panic before full facts emerge. The involvement of Circle and Tether freezing funds shows how major stablecoin issuers can intervene mid-theft, which may shape future responses to exchange hacks.
- Binance paused withdrawals on multiple networks following a suspected hack.
- Circle and Tether froze a combined roughly $2.36 billion in tokens linked to the incident.
- Estimates of stolen funds range from $2 billion to $5.7 billion, unconfirmed by Binance.
Ledger Nano X Hardware Wallet — When exchanges like Binance face security incidents, it's a stark reminder that leaving crypto on an exchange carries risk. A hardware wallet like the Ledger Nano X lets you store your private keys offline, keeping your assets safe from exchange hacks and withdrawal freezes.
See Ledger Nano X Hardware Wallet on Amazon → Affiliate link — we may earn a commission on purchases, at no extra cost to you. Product picked by AI based on this article; it is not a tested recommendation.Source: techcrunch.com — Zack Whittaker, 2026-10-29
Published there as: “Binance pauses withdrawals as hackers suspected of stealing billions in crypto”
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