Binance pauses withdrawals as hackers suspected of stealing billions in crypto
Binance has temporarily suspended withdrawals across multiple networks following a security incident in which hackers allegedly drained significant amounts of cryptocurrency from the exchange's hot wallets. The company stated that user funds are secure and that it is actively investigating the breach, while founder Changpeng Zhao indicated on social media that user losses would be fully covered. Initial estimates suggest that between $2 billion and $5.7 billion in crypto assets may have been stolen, potentially making this one of the largest hacks in the industry's history. In response to the incident, major stablecoin issuers Circle and Tether froze approximately $2.36 billion in total to prevent further movement of the stolen funds. Separately, prediction market platform Polymarket also paused operations after a compromise involving a third-party vendor resulted in the loss of roughly $2 million in user funds.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Thursday that it had temporarily suspended all deposits and withdrawals following a suspected security breach. The company stated that approximately $3 billion in assets had been frozen in response to the incident, a figure it warned could rise as investigations continue. Binance pledged to cover all resulting losses and assured users that their funds remained secure. Co-founder Changpeng Zhao, who no longer serves as chief executive officer, posted on the social platform X that the events "do look like a hack on Binance." The exchange described the situation as a "security issue" and said its teams were conducting urgent checks, freezing funds, and cooperating with law enforcement. In a detailed update, Binance indicated that its preliminary investigation suggested the incident might involve a compromised laptop belonging to a DevOps engineer. According to the company, this compromise allowed an attacker to access a specific service container and submit unauthorized withdrawal transactions. Binance noted there was no evidence of a leak of wallet private keys. While the initial frozen amount stood at roughly $3 billion, the company later cited an estimated total impact of around $6.3 billion. A separate estimate from blockchain intelligence firm Arkham suggested that at least $2 billion had already been drained from the exchange’s hot wallets, with some analysts estimating the loss could reach $5.7 billion. These figures have not yet been officially confirmed, and the theft may still be ongoing. Major stablecoin issuers moved quickly to mitigate the damage. Tether, which issues the USDT stablecoin, reported that it had frozen more than $1.567 billion in assets linked to the incident. Circle, issuer of the USDC stablecoin, stated it had frozen over $800 million. World Liberty Financial, a crypto venture associated with US President Donald Trump and his family, froze $27 million of its USD1 stablecoin along with approximately $2 million in World Liberty tokens. The company collaborated with crypto custodian BitGo to execute these freezes. Ripple also participated in the coordinated response, freezing around $200 million in affected funds. Ripple’s senior vice president for stablecoins, Jack McDonald, said the firm was coordinating with relevant parties to track the illicit movements. Market reaction was immediate and negative. Following the reports, Bitcoin dropped by approximately 4.3 percent, falling below the $79,000 mark, while Ethereum declined by 4.6 percent. The volatility highlighted the sensitivity of the broader digital asset market to security incidents at major hubs. Unlike traditional bank deposits, funds held on cryptocurrency exchanges are not automatically insured against theft. Consequently, the responsibility for reimbursing victims often falls to the exchange itself, depending on its policies and financial capacity. Changpeng Zhao, who founded Binance in 2017, stepped down as CEO in 2023 after pleading guilty to violations of US anti-money laundering laws. President Donald Trump granted Zhao a full pardon in November 2025. Although Zhao no longer manages the company, he remains its largest shareholder. Speaking in his capacity as a shareholder, Zhao expressed confidence that all user funds would be fully covered. Binance co-founder Yi He reiterated this commitment, stating that the company would cover all hacking losses without providing further technical details on the nature of the breach. The incident occurred against a backdrop of heightened cybersecurity concerns globally, particularly regarding novel attack vectors enabled by recent advancements in artificial intelligence. Digital currency platforms have long been targets for cybercriminals. In 2025, attackers stole a record $1.4 billion from the exchange Bybit in a single breach attributed to North Korean hackers. Earlier in September 2025, the exchange Bitget reported the theft of approximately $350 million. Data from TRM Labs indicates that attackers stole $2.9 billion worth of cryptocurrency in nearly 150 attacks during the previous year. Binance urged users to remain vigilant against scams that might exploit the confusion surrounding the incident. The company advised users not to trust unofficial links, messages, or requests for account information. It promised to share a full post-mortem analysis once the investigation concluded. Trading on certain products, including the Binance Alpha platform, was suspended as a precautionary measure. The exchange stated that normal operations would resume as soon as the security issue was fully resolved. Law enforcement agencies, token issuers, and blockchain intelligence firms are currently working jointly to trace and freeze additional assets that may still be moving through the network.
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Cryptocurrency exchange Binance reported a suspected security breach that led industry peers to freeze approximately $3 billion in assets. The company temporarily halted deposits and withdrawals to conduct security checks and coordinate with law enforcement, while assuring users that any losses would be covered. Co-founder Changpeng Zhao confirmed the incident via social media, noting that major stablecoin issuers Tether and Circle had rapidly frozen over $1.5 billion and $800 million respectively. Other entities involved in the asset freeze included World Liberty Financial, a venture associated with former President Donald Trump, and the payment network Ripple. The report notes that Zhao previously stepped down as CEO after pleading guilty to money laundering violations and received a presidential pardon in late 2025.
Bias read (Center): The article primarily covers a corporate security incident and market reaction within the technology and finance sectors. While it mentions a former president and a politically connected entity (World Liberty Financial), these references serve as factual context regarding who froze specific assets.
Why factuality (92): Highly accurate and detailed. Correctly identifies the specific amounts frozen by Tether ($1.5B) and Circle ($800M), includes the involvement of World Liberty Financial and Ripple, and accurately contextualizes CZ's legal status and pardon. No significant omissions or errors found.
Why objectivity (95): Neutral and informative tone. Presents facts clearly without editorializing. The inclusion of background on CZ's pardon is presented as historical fact rather than opinion.
Binance, the world's largest cryptocurrency exchange by volume, suspended all deposits and withdrawals on Thursday in response to a 'security issue' involving unusually large transfers that suggest a potential hack. The company stated it is working with law enforcement and industry partners to freeze affected assets, pledging to cover all user losses despite the fact that such funds are not typically insured. Major stablecoin issuers Tether and Circle announced they had frozen over $1.5 billion and hundreds of millions of dollars in their respective tokens to prevent further fallout. The incident caused significant market volatility, with Bitcoin dropping approximately 4.3% and Ethereum falling 4.6%. Binance founder Changpeng Zhao, who previously pleaded guilty to money laundering charges but received a presidential pardon, affirmed his expectation that user funds would be fully protected.
Bias read (Center): The article focuses primarily on corporate crisis management, financial market reactions, and technical security measures within the private sector. While it mentions regulatory history regarding the founder and references law enforcement cooperation, the core narrative is commercial rather than a辩论
Why factuality (88): Mostly accurate. Correctly cites the $3B total and mentions market reaction (Bitcoin/Ethereum drops). However, the text appears truncated at the end ('steps to lim'), preventing full verification of the final sentence regarding stablecoin issuers. The claim about it being the 'largest crypto heist i
Why objectivity (90): Slightly dramatic phrasing ('urgent and wide-reaching', 'fears') but remains largely objective. Provides good context on insurance differences between banks and crypto exchanges.
Binance has temporarily suspended withdrawals across multiple networks following a security incident in which hackers allegedly drained significant amounts of cryptocurrency from the exchange's hot wallets. The company stated that user funds are secure and that it is actively investigating the breach, while founder Changpeng Zhao indicated on social media that user losses would be fully covered. Initial estimates suggest that between $2 billion and $5.7 billion in crypto assets may have been stolen, potentially making this one of the largest hacks in the industry's history. In response to the incident, major stablecoin issuers Circle and Tether froze approximately $2.36 billion in total to prevent further movement of the stolen funds. Separately, prediction market platform Polymarket also paused operations after a compromise involving a third-party vendor resulted in the loss of roughly $2 million in user funds.
Bias read (Center): The article covers a corporate security breach and financial crime within the technology sector. While the scale of the event has economic implications, the subject matter is primarily technical and commercial rather than political. The reporting relies on factual statements from the companies and客观
Why factuality (75): Contains a significant factual error. It states 'Circle froze about $800 million in Tether'. Circle issues USDC, not Tether. Tether issues USDT. While the amount ($800M) matches Circle's action, attributing it to the wrong asset/currency is incorrect. Other figures (Tether freezing $1.56B) are corre
Why objectivity (85): Generally neutral, but the title 'suspected of stealing billions' is slightly more sensational than necessary compared to 'security issue'. The body text maintains a professional tone.
The Washington TimesParty-alignedCenterFactual: no official source document/info detectedObjective 95
Binance, identified as the world's largest cryptocurrency exchange, announced on Thursday that it is investigating reports of a potential security issue. The platform’s founder stated that the incident appears to be a hack targeting Binance. In response to the reported breach, stablecoin issuers have frozen millions of dollars worth of funds.
Bias read (Center): The article focuses on a corporate security incident involving a major private technology firm. While cryptocurrency regulation has political implications, this specific report deals with operational security and market reaction rather than partisan policy debates or electoral politics. The tone is
Why factuality: no official source document/info detected
Why objectivity (95): Very neutral headline and lead. No bias detected.
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