Binance founder says crypto exchange may have been hacked

Binance, the world’s largest crypto exchange, may have been hacked, cofounder Changpeng Zhao said on X. He said user funds remain safe. Zhao no longer runs Binance but remains its largest shareholder.

The exchange itself stated that its security team was reviewing all relevant information and urged customers not to trust unofficial links or messages. “We are aware of reports of a potential security issue and we are actively investigating,” a Binance spokesperson told Bloomberg. “At this stage, we have not confirmed any impact to user funds.”

Meanwhile, the two largest stablecoin issuers, Tether and Circle, stated that they had taken steps to freeze their cryptocurrencies on Binance. Tether CEO Paolo Ardoino said on X that the company had frozen more than $1.5 billion in stablecoins in connection with the potential Binance hack. Circle Internet Group CEO Jeremy Allaire said the company had frozen $800 million in stablecoins following reports of a potential exploit involving Binance.

The potential Binance hack follows a string of security incidents in the crypto industry, including several in recent months. Around $1.5 billion was stolen from crypto exchange Bybit in February 2025, while hundreds of millions of dollars were drained from Bitget earlier this year.

Bitcoin fell 3.7% on Thursday to below $79,000, its lowest level since September. News of the potential Binance hack came as the crypto market was already bracing for heightened volatility, with $11 billion in options set to expire on Friday, Bloomberg notes. The market is also awaiting next week’s U.S. midterm elections. If Democrats win control of one or both chambers of Congress, regulatory pressure on the industry might be ratcheted up.