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, who remains a major shareholder, confirmed the hacking suspicion. Approximately $2.5 billion worth of assets were frozen as a precautionary measure. Company officials assured users that their funds are secure.
The precise nature and extent of the breach have not been disclosed yet. Binance is working urgently with its security teams to investigate, and will issue further updates through official channels once verified information becomes available. Trading on certain products was suspended during the freezing, which affected some cryptocurrency companies utilizing the platform.
Notably, Tether froze around $1.6 billion in its USDT currency, while Circle froze $800 million worth of USDC. Bitcoin's value dropped by 3.2% following the news, falling below $79,000. Changpeng Zhao, the platform's founder who stepped down as CEO in 2023 after pleading guilty to failing to prevent money laundering, expressed confidence that all user funds would be fully covered.
Zhao earlier pardoned by US President Donald Trump in 2025, had been key supporter of various Trump family crypto ventures.
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