Crypto Giants Freeze Over $2.3 Billion Amid Binance Security Probe

Circle and Tether froze over $2.38 billion in stablecoin currency on Thursday after Binance, the world's largest cryptocurrency exchange, announced it was investigating a potential security incident. The exchange stated that its teams were urgently reviewing all relevant information and assured users that their funds remained safe.

Binance co-founder Yi He reported on X that crypto firm Ripple had frozen approximately $200 million as part of the response. Binance co-founder Changpeng Zhao, who no longer manages the company, also indicated on X that the incident "looked like a hack."

Tether, the issuer of the world's largest stablecoin, reported freezing nearly $1.57 billion connected to the incident, while Circle froze over $800 million. Circle CEO Jeremy Allaire confirmed on X that the company was closely monitoring the situation and would support the investigation.

Binance, which serves over 335 million registered global users according to its website, operates as a platform for buying, selling, and trading digital assets. Binance.US, a separate entity, confirmed it was not impacted by the security issue.