Binance Freezes Withdrawals After $6.3 Billion Breach

Binance has temporarily suspended withdrawals after a security breach that reportedly exposed the company to approximately $6.3 billion in financial losses. Richard Teng, co-CEO of Binance, stated that the company would cover all losses using its Secure Asset Fund for Users (SAFU) and other corporate resources.

He assured customers that their funds remained safe. Teng revealed that the breach may have originated from a compromised laptop belonging to a DevOps engineer, with the attacker exploiting access to submit unauthorized withdrawal transactions.

He emphasized that the breach involved a complex series of actions rather than a simple compromise of access privileges. Investigators have not identified any individual responsible for the incident, and there is no evidence that wallet private keys were exposed.

Binance is working with law enforcement and blockchain intelligence firms to recover stolen funds. While withdrawals are suspended, deposits continue to operate normally, and the company plans to release a detailed technical report after completing its investigation.