Binance is suspected of experiencing a security breach involving over $5.6 billion in stolen assets, according to data from on-chain intelligence platform Arkham. The exchange confirmed it is investigating the incident and stated that user funds remain secure.
The suspected stolen assets include USDT worth approximately $1.6 billion, along with Bitcoin, Ethereum, USDC, Tron, and RLUSD. Tether and Circle have confirmed freezing the stolen stablecoins: $1.567 billion in USDT and $800 million in USDC, respectively.
Binance stated in a post on X that its security team was investigating the potential security issue and would provide updates once the review is complete. The exchange reiterated that user funds are fully protected.
Changpeng "CZ" Zhao, Binance's founder, acknowledged the hack on X and expressed appreciation for the rapid response from Tether and Circle in freezing assets. Zhao, who noted he no longer manages Binance.com but holds a shareholder stake, stated that he expects all user funds will be fully covered.
The incident occurred on the same day that Polymarket, a crypto prediction market platform, experienced a separate security incident resulting in user fund losses. This breach follows an exploit at crypto exchange Bitget nearly a month prior that resulted in approximately $400 million in losses.
