Binance freezes $3 billion in assets after suspected hack
Binance, the world's largest cryptocurrency exchange, said it had frozen $3 billion in crypto assets as it investigated a potential security breach, with stablecoin issuers Circle and Tether freezing related assets.
Binance, the world's largest cryptocurrency exchange, froze $3 billion in digital assets following a suspected security breach. The incident, which could be the largest crypto heist ever, caused immediate market impact, with major cryptocurrencies like Bitcoin and Ether experiencing significant drops. Circle and Tether also froze related assets, while Binance stated it would cover all hacking losses.
The exchange is currently working with law enforcement and industry partners to trace and freeze additional assets. Binance's co-founder, Yi He, confirmed the incident appeared to be a hack. Industry experts warn that AI could make it harder to counter hacks, leading users to move away from smaller exchanges. Tether and Circle froze $1.57 billion and $800 million respectively, while Binance froze $27 million in stablecoins and $2 million worth of World Liberty tokens.
Ripple also froze roughly $200 million in funds. The incident highlights the growing vulnerability of cryptocurrency exchanges to cyber attacks.
Written by urgent.news from RTE News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
