Binance Halts Withdrawals Amid Massive Security Breach

Founder Changpeng Zhao indicated on X that the company likely suffered a hack, though he offered no specific technical details on the intrusion. In response to the movement of illicit assets, Circle intervened to freeze approximately $800 million in Tether, while Tether itself blocked $1.56 billion linked to the breach. If confirmed at these levels, the incident would eclipse the record $1.4 billion theft from Bybit in 2025, marking one of the most significant security failures in cryptocurrency history.

Binance spokesperson Ross O’Leary confirmed the suspension is a temporary measure while security teams conduct an urgent review of the affected wallets. The exchange has advised users to ignore unofficial communication channels to avoid secondary phishing scams. This volatility coincided with a separate disruption at Polymarket, which paused trading earlier today after a third-party software vulnerability at DebugBear led to the theft of roughly $2 million in user funds.