Binance investigates $6.3 billion hack, Polymarket pledges user reimbursements

Binance said on Monday it is probing a suspected hack that could involve as much as $6.3 billion in customer assets, while prediction‑market platform Polymarket announced it will fully reimburse users hit by a separate security breach. The two incidents were disclosed within hours of each other, prompting fresh scrutiny of crypto‑exchange safeguards.

The revelations come amid a wave of high‑profile crypto attacks that have shaken confidence in the sector. Last year, the Ronin Network lost $600 million, and in 2022 the Wormhole bridge was compromised for $320 million. Binance, the world’s largest cryptocurrency exchange by volume, has long been a target for cyber‑criminals, and regulators in the U.S., Europe and Asia have been tightening oversight of digital‑asset firms. Polymarket, which lets users trade on real‑world events, suffered a breach that exposed user wallet addresses and transaction histories, raising concerns about data privacy on decentralized platforms.

Binance’s internal investigation is still early, but the exchange said it has frozen the affected accounts and is working with law‑enforcement agencies worldwide. It has not confirmed any loss of funds, only that the breach may have allowed unauthorized access to internal systems. Polymarket’s CEO, Nader Al-Naji, pledged a $2 million reimbursement pool to cover all verified claims, and the company is rolling out additional authentication measures. Industry analysts warn that even the suspicion of a multi‑billion‑dollar hack could trigger market volatility, as investors may pull back from platforms perceived as vulnerable. Both firms say they will release further updates as investigations progress, and regulators are expected to demand detailed security audits before the exchanges can resume normal operations.