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 was investigating a potential security breach. Former CEO Changpeng Zhao, who is still a major shareholder, stated that it appears to be a hack. Approximately $2.5 billion in funds were frozen as a precaution. The company assured users that their funds are secure.
The full impact of the security breach has not been disclosed, and it was unclear if any cryptocurrency funds were actually stolen. Binance's security teams were scrutinizing all pertinent information with urgency, with updates to be provided through official channels as verified information became available. The platform, which handles the largest daily volume of cryptocurrency trading, temporarily halted trades on certain products while funds were frozen by various cryptocurrency companies utilizing the platform.
Tether froze around $1.6 billion in its USDT currency, while Circle froze approximately $800 million worth of USDC. The news of the potential hack caused Bitcoin's value to drop by 3.2% on Thursday evening, falling below $79,000. Changpeng Zhao, who founded Binance in 2017, expressed that as a shareholder, he expects all user funds to be fully covered.
He resigned as CEO in 2023 after pleading guilty to failing to prevent money laundering on his platform, and President Donald Trump pardoned him in 2025. Zhao and Binance had been strong advocates for cryptocurrency initiatives backed by US President Donald Trump and his family.
Written by urgent.news from Deutsche Welle Science's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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