Cryptocurrency exchange Binance is investigating a potential security breach involving up to $5.8 billion in digital assets, in what could become the largest cryptocurrency hack in history.

If confirmed stolen, the amount would far exceed the $1.5 billion stolen from Bybit by North Korean hackers in February 2025, the largest confirmed crypto heist on record.

The suspected breach has already prompted stablecoin issuers Tether and Circle to freeze more than $2.3 billion in assets associated with the incident.

In a statement to BleepingComputer, a Binance spokesperson confirmed that the exchange was investigating reports of a potential security issue while reassuring customers that their funds were safe.

"Our teams are aware of reports of a potential security issue and are actively investigating. Rest assured that user funds are completely safe," the spokesperson told BleepingComputer.

"Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information."

Binance also warned customers to remain cautious of scams and avoid unofficial links, messages, or requests for account information.

Binance founder Changpeng Zhao (CZ) said on X that the incident appeared to be a hack, while noting that he no longer manages the exchange and expects all user funds to be fully covered.

Tether CEO Paolo Ardoino said on X that the company had frozen more than $1.567 billion in USDT associated with the potential Binance hack.

Circle CEO Jeremy Allaire also confirmed that the company had frozen more than $800 million in USDC linked to the incident, adding that Circle was coordinating with law enforcement and would continue supporting the investigation.

Billions transferred from Binance hot wallets

The statements follow reports of billions of dollars in cryptocurrency being transferred from multiple Binance hot wallets to a newly created Ethereum address.

According to blockchain transaction analysis shared on X by crypto journalist StarPlatinum, a Binance hot wallet known as "Binance 14" transferred approximately $2.53 billion across 64 cryptocurrency tokens, followed 24 seconds later by another $174.4 million from a second Binance wallet.

A later update claimed that a third Binance hot wallet transferred another 780 million USDC to the same Ethereum address, bringing the reported total to approximately $3.48 billion.

Meanwhile, blockchain intelligence platform Arkham Intelligence is tracking 55 cryptocurrency addresses under an entity labeled "binance-hacker-1029," with combined holdings valued at approximately $5.78 billion.

The tracked assets include approximately $1.77 billion in USDT, $1.44 billion in Bitcoin, $876 million in Ethereum, and $823 million in USDC.

Blockchain explorer Etherscan has also labeled the initial receiving address as "Binance Hot Wallet Exploiter 2," assigning it both "Exploit" and "Heist" tags.

However, it should be noted that Arkham's $5.78 billion figure is the value of assets held across all tracked wallets, rather than a confirmed amount stolen from Binance.

Binance has not yet confirmed whether the transfers were unauthorized, how the suspected breach occurred, or the total value of any stolen assets.

This is a developing story and will be updated as more information becomes available.