Binance crypto platform suspends trades amid suspected hack
The platform suspended some trading while crypto companies froze billions in their respective currencies. The full extent of the possible hack was not yet clear.
Binance, the world's largest cryptocurrency platform, announced on Thursday that it is investigating a potential security breach. Former CEO Changpeng Zhao, now a major shareholder, confirmed the suspicion of a hack. Approximately $2.5 billion worth of funds were frozen as a precautionary measure. Binance assured users that their funds remain secure.
The company has not disclosed whether any cryptocurrency funds were stolen. Binance's security teams are reviewing all relevant information urgently and will provide updates through official channels upon verification.
The platform, which handles the most daily crypto trading volume globally, suspended trading on certain products during the freeze. Tether froze around $1.6 billion in its USDT currency, while Circle froze $800 million worth of USDC. The news of the potential hack caused Bitcoin's value to drop by 3.2%, falling below $79,000.
Changpeng Zhao, the founder of Binance in 2017, stepped down as CEO after pleading guilty in 2023 for failing to prevent money laundering on his platform. He was pardoned by US President Donald Trump in 2025. Zhao and Binance have supported cryptocurrency ventures backed by Trump and his family.
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