Binance, the world's largest cryptocurrency exchange, said on Thursday that it is investigating reports of a possible security breach. Its founder, Changpeng
Zhao, also said the incident “does look like a hack on Binance”. The company said cryptocurrency firms had frozen more than $2.5 billion in funds linked to the incident by Thursday evening. However, the full extent of the possible damage remains unclear, and Binance has not confirmed whether any funds were stolen. Stablecoin issuers moved quickly to freeze funds following the reports. “Rest assured that user funds are completely safe,” a Binance spokesperson said in a statement. “Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information,” the spokesperson added.
Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe.Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information.Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.
— Binance (@binance) October 29, 2026
Around two hours after its initial statement, Binance said in a post on X that the verified amount of frozen funds had reached $2.54 billion.
“This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets,” the company said.
Tether, Circle freeze funds; Bitcoin price falls
Stablecoin providers Tether and Circle also confirmed that they had frozen funds on Thursday in connection with the incident.
Circle CEO and co-founder Jeremy Allaire said in a post on X that the company had frozen more than $800 million worth of currency linked to the incident “in coordination with law enforcement”.
Tether CEO Paolo Ardoino said the company had frozen more than $1.5 billion worth of currency related to “a potential Binance exchange hack”.
Meanwhile, Bitcoin fell 3.2 per cent on Thursday afternoon, dropping below $79,000.
What Binance founder Changpeng Zhao said
Binance was founded in 2017 by Changpeng Zhao. In 2023, Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform and stepped down as the company's CEO. US President Donald Trump pardoned him in 2025.
Reacting to the latest incident, Zhao wrote on X, “User funds are safe!”
However, he also said the incident “does look like a hack on Binance”.
Zhao added that although he no longer manages Binance, “as a shareholder, I expect all user funds will be fully covered”.
