Binance and Polymarket are investigating potential hacks. The former says it's frozen around $3 billion.
Binance and Polymarket are investigating potential security breaches that have led to temporary trading halts. Binance has frozen approximately $3 billion in assets and pledged to cover user losses as they coordinate with law enforcement.
Why it matters
These incidents highlight the ongoing security vulnerabilities in major cryptocurrency and prediction market platforms, posing significant risks to global digital asset stability.
Binance is investigating a potential hack that could result in billions of dollars in losses. Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images Binance and Polymarket reported potential security breaches on Thursday. Binance is investigating a possible hack, with over a billion in losses potentially at stake. Polymarket also temporarily halted trading after a suspected breach. Two major trading platforms — Binance and Polymarket — were investigating security incidents on Thursday, with the former facing potential losses in the billions. There's no evidence the incidents were related. Binance, the world’s largest cryptocurrency exchange by trading volume, said it was actively investigating reports of a "potential security issue." As of Thursday evening, the company said it had frozen around $3 billion on the platform. "Binance will cover all losses," Binance said in an update on X.
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