Binance Freezes Over $2.5 Billion in Assets Amid Suspected Hack Investigation
The world's largest cryptocurrency exchange has suspended deposits and withdrawals while probing a significant security incident.
Cryptocurrency exchange Binance announced Thursday that it has frozen digital assets valued at more than $2.5 billion to prevent their theft while investigating a suspected hack. The company confirmed that all deposits and withdrawals have been temporarily suspended as its teams conduct security checks.
Binance stated it will "cover all losses" resulting from the incident. Changpeng Zhao, Binance's former chief executive and a current majority shareholder, indicated that the situation "looks like a hack on Binance." Zhao also noted that two other crypto platforms, Tether and Circle, have frozen approximately $1.7 billion in stolen assets, though the BBC has reached out to both firms for comment.
The exchange cautioned that the amount of frozen funds might increase as its teams collaborate with law enforcement and other partners to trace and secure additional assets. Binance assured its users that their funds remain safe and committed to releasing a detailed post-mortem report upon the investigation's conclusion, urging reliance on official Binance channels for updates.
Binance is recognized as the world's largest cryptocurrency exchange based on daily trading volumes.