Binance Investigates Billions in Transfers as Crypto Liquidations Surge

Binance is investigating a suspected security breach after billions of dollars in digital assets moved from its internet-connected wallets to newly created addresses; estimates range from about $1.7 billion to $5.8 billion, and the exchange has not confirmed how much, if any, was stolen. Binance temporarily suspended withdrawals on multiple networks and said customer funds are safe, while co-founder Changpeng Zhao said he expects users’ funds to be covered. Tether, Circle and other issuers froze more than $2.6 billion in assets linked to the incident, though the total restricted and the recoverability of remaining funds are uncertain. If confirmed, the suspected attack could surpass the 2025 Bybit theft as the largest crypto heist. News of the incident drove Bitcoin below $79,000 and contributed to market losses, including nearly $628 million in liquidations in one hour, mostly from leveraged bets on rising prices.