Binance freezes $6.3 billion after suspected hack via laptop

Binance suspended all deposits and withdrawals on Thursday after identifying a security breach that it estimates caused a loss of approximately $6.3 billion. The pause in service affects every user of the world's largest cryptocurrency exchange. The company stated that user funds remain safe, but it needs time to trace the missing assets before normal operations can resume.

The incident began with a compromised laptop belonging to a DevOps engineer. According to Binance, the attacker used the device to access a service container. This access allowed the hacker to submit unauthorized withdrawal transactions. The company said it found no evidence that wallet private keys were leaked. The breach highlights how a single hardware device can expose a major financial platform to risk.

Binance worked with blockchain partners to freeze the affected assets. By late Thursday, roughly $3 billion of the stolen funds had been frozen on-chain. The company said its teams are working around the clock to resolve the issue. It plans to share more technical details once the facts are fully verified. The firm is coordinating with law enforcement, issuers, and industry partners to trace the remaining assets.

Major stablecoin providers also moved to freeze funds. Tether CEO Paolo Ardoino said on X that the company froze more than $1.5 billion in currency related to the incident. Jeremy Allaire, co-founder and CEO of Circle, wrote that his firm froze more than $800 million in coordination with law enforcement. These actions aim to prevent the stolen funds from moving further through the digital finance system.

The market reacted quickly to the news. Bitcoin prices dropped 3.2 percent on Thursday evening. The drop pushed the value of the leading cryptocurrency under $79,000. Traders watched the exchange closely for updates on the scope of the damage. The volatility reflects the uncertainty surrounding the recovery of the frozen assets.

Changpeng Zhao, the founder of Binance, commented on the event on social media. He stated that user funds are safe. He added that the incident looks like a hack on Binance. Zhao said he expects all user funds to be fully covered, even though he no longer manages the company. His comments offered reassurance to investors while acknowledging the severity of the breach.

Zhao stepped down as CEO in 2023 after pleading guilty to a felony related to money laundering controls. He was sentenced to prison for violating the Bank Secrecy Act, making him the first person convicted under that law for such violations. He was released from prison last year. President Donald Trump pardoned Zhao in 2025. The founder has been a supporter of the Trump family's crypto ventures.

Binance said it will provide updates through official channels as soon as verified information is available. The company emphasized that its security teams are reviewing all relevant information with urgency. The next steps involve a thorough audit of the service container and a final report on the total impact. For now, users must wait for the investigation to conclude before they can access their accounts.