Binance halts withdrawals as suspected hack spurs crypto sell-off, vows to ‘cover all losses’
Some US$3 billion in assets are currently frozen but the figure ‘may continue to increase', it says
Binance, the world's largest cryptocurrency exchange, has suspended all deposits and withdrawals following a suspected security breach that has resulted in billions of dollars worth of assets being frozen. The company stated they will cover all losses and are actively working to resolve the issue. Some $3 billion in assets are currently frozen, but the figure may increase.
Binance co-founder Changpeng Zhao, who still holds the largest share, expects all user funds to be fully covered. The incident has caused a sell-off in digital tokens, with Bitcoin falling below $77,000, its lowest level since September. Other cryptocurrencies also experienced significant price drops. The market reaction has been attributed to concerns over the potential scale of the hack, reminiscent of past large-scale thefts in the crypto industry.
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