Binance Faces $5.5 Billion Outflow Amid Suspected Hack; Major Freezes Implemented

Binance Investigates Major Outflow

In a significant security incident, over $5.5 billion has reportedly been withdrawn from wallets associated with Binance, the largest cryptocurrency exchange in the world. This outflow, which occurred across Ethereum, Bitcoin, and Tron, has raised suspicions of a potential hack, although Binance has yet to confirm such an event.

The exchange stated it is currently investigating the situation, assuring users that it has not confirmed any direct impact on user funds. Binance communicated via X, stating, "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."

Freezing Actions by Tether and Circle

In response to the situation, Tether froze approximately 975.1 million USDT, while Circle froze around 823 million USDC, totaling nearly $1.8 billion in assets that could potentially be linked to the outflow. Both companies have the capability to restrict movement from specific addresses, a measure they have swiftly enacted in light of the unfolding events.

Circle's CEO, Jeremy Allaire, noted on X that the company is cooperating with law enforcement in its investigation, highlighting the seriousness of the potential exploit involving Binance.

Market Reactions

The market has reacted to the news, with Bitcoin dropping below $79,000, a decrease of about 2.6% in the last 24 hours. Binance's own token, BNB, fell roughly 7% to around $699. In contrast, Monero, a privacy-focused cryptocurrency, saw a rise of about 6% to $637, reflecting patterns seen during previous significant thefts in the crypto space.

This incident, if confirmed as a hack, would surpass the previous record for a crypto breach, which was set at around $1.5 billion during the Bybit incident in February 2025. In a previous breach in 2019, Binance lost 7,000 Bitcoin, valued at approximately $40 million at that time.