Binance flags ‘potential security issue,’ says crypto firms froze more than $2.5 billion
LOS ANGELES (AP) — Binance, the world’s largest cryptocurrency exchange, said Thursday it’s investigating reports of a potential security issue as its founder said the incident “does look like a hack on Binance.” The company said cryptocurrency firms had frozen more than $2.5 billion in funds by Thursday evening. It wasn’t immediately clear the extent […]
Binance, the world's largest cryptocurrency exchange, is currently investigating reports of a potential security issue. The company's founder, Changpeng Zhao, stated that the incident "does look like a hack on Binance." So far, cryptocurrency firms have frozen more than $2.5 billion in funds by Thursday evening, though it is unclear the full extent of the damage hackers might have caused. Binance has not explicitly confirmed that funds have been stolen.
The company's teams are working around the clock to resolve the issue, with a Binance spokesperson assuring users that "user funds are completely safe." Binance has suspended all deposits and withdrawals while it conducts security checks, freezes funds, and cooperates with law enforcement. Stablecoin providers Tether and Circle also froze funds in response to the incident.
Tether CEO Paolo Ardoino said the company froze the equivalent of more than $1.5 billion in currency related to the incident, while Circle CEO Jeremy Allaire froze the equivalent of more than $800 million. Bitcoin's price dropped 3.2% to under $79,000 on Thursday evening.
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