[UPDATED] Crypto platform Binance confirms major hack, more than US$2.5bil frozen

Cryptocurrency exchange Binance announced on Thursday that it had suffered a major hack, freezing over US$2.5 billion in assets to prevent their theft. As the world's largest crypto exchange by daily trading volumes, Binance suspended trading of certain products. Company spokesperson confirmed: "User funds are completely safe."

Several experts concluded that a significant amount of assets had been stolen. Former Binance chief Changpeng Zhao, who retains a majority stake in the company, stated: "It does look like a hack on Binance."

Digital currency firm Tether reported freezing approximately US$1.6 billion in relation to the suspected Binance exchange hack. Circle, the issuer of another stablecoin called USDC, disclosed freezing more than US$800 million. Both USDT and USDC are pegged to the US dollar.

Word of the attack spread several hours before Binance officially confirmed it. Some analysts believed it could be the largest cyberheist of its kind, outpacing the US$1.5 billion stolen from Bybit in February 2025, an attack linked to North Korean-linked hackers. Bitcoin prices dropped more than three percent following the news.