Binance Suspends Withdrawals Following Massive Security Breach

OPA WIRE, Oct 29 (OPA) — Binance confirmed it is investigating a security incident after users reported unauthorized outflows from the exchange’s internet-connected wallets. Spokesperson Ross O’Leary stated that the company suspended withdrawals as a precautionary measure while security teams review the breach. Binance maintains that user funds remain safe, though it has advised customers to ignore unofficial communications regarding account information.

While Binance has not confirmed the exact total, industry analysts estimate that at least $2 billion has been drained, with some projections reaching $5.7 billion. In response to the movement of stolen assets, Circle froze approximately $800 million in Tether, while Tether itself blocked $1.56 billion linked to the incident. Binance founder Changpeng Zhao, the company’s largest shareholder, stated on X that he expects user funds to be fully covered, though he provided no further details on the recovery process.

The scale of this breach surpasses the 2025 record set by the Bybit hack, which resulted in the theft of $1.4 billion. The identity of the perpetrators remains unknown, and Binance has not disclosed whether it has received any ransom demands or communications from the attackers. The incident follows a separate, smaller breach earlier Thursday involving prediction market Polymarket, where hackers stole $2 million after compromising third-party software from DebugBear.

Security researchers continue to monitor the situation as the theft remains ongoing. The exchange has pledged to provide updates through official channels once verified information becomes available. The incident highlights persistent vulnerabilities in hot wallet infrastructure, as the industry faces one of its most significant financial challenges to date.