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A suspected hack at Binance prompted cryptocurrency firms to freeze about $3 billion in assets, the company said on Thursday. The exchange, which described the situation as a "security issue," has temporarily suspended deposits and withdrawals while it "conducts security checks, freezes funds, and works with law enforcement." It vowed to cover all losses. "It...

Crypto exchange Binance is investigating what could be the biggest crypto hack in history as users saw upwards of $5.7 billion in funds drained from wallets Thursday afternoon. Why it matters : The suspected hack comes after a wave of high-profile cyberattacks and data breaches during so-called "Black October," when a series of hacks and AI-discovered bugs triggered fears of a global crisis. Driving the news: Binance co-founder Changpeng "CZ" Zhao, who is no longer an executive at the company, said on X that the crypto exchange appears to have been hacked, although a company spokesperson says it's still investigating the matter. Analysts and traders who follow the crypto markets closely estimate that $1.7 billion to $5.7 billion was taken during the suspected cyberattack. "This is unprecedented," said Kevin March, a co-founder of JPEG Trading, a cryptocurrency trading firm that closely tracked the hack to monitor market conditions. Zoom in : Binance limited withdrawals and platforms including Tether and Circle froze more than $1 billion in cryptocurrencies, per Zhao. Such a step that would limit the scope of customer losses. Zhao and a Binance spokesperson said user funds are safe. The Binance spokesperson said the exchange's security teams are "reviewing all relevant information with urgency." The big picture: If estimates hold up, the suspected Binance hack would be the biggest crypto attack in history. In 2025, North Korea-linked hackers stole about $1.5 billion worth of crypto from the Bybit exchange. The country has turned hacking and scams into an industrial-scale scourge, focusing on crypto heists and a widespread practice of tricking Western companies into hiring North Korean workers . Between the lines : Crypto is a relatively common hacking target, but massive attacks can leave smaller exchanges vulnerable to collapse due to the potential for panicked withdrawals. Binance's size makes it more insulated, March said. "If this happened to any other business in crypto other than Binance, it would've been catastrophic." The exchange is capable of covering potential losses through its insurance and balance sheet, he said, although broad reverberations in crypto markets and prices remain possible. The intrigue: Reports of a breach came just hours after Polymarket confirmed it was facing a cyberattack, prompting the decentralized predictions market operator to pause trading for an hour after an attacker made off with at least $2.7 million in user funds. Researchers at Hudson Rock tied the Polymarket incident to a breach involving third-party website monitoring tool DebugBear , which said earlier Thursday it was responding to its own security incident. What to watch: Binance has yet to confirm who may be behind the attack and the total value of the currencies suspected hackers made off with.

Binance, the world's largest cryptocurrency exchange, said Thursday it's investigating reports of a potential security issue as its founder said the incident "does look like a hack on Binance."

The cryptocurrency exchange said its security teams are reviewing information with “urgency.”