Crypto exchange Binance freezes $3 billion after security breach

Binance, the world's largest cryptocurrency exchange, has put a temporary halt to deposits and withdrawals after discovering a potential security breach. The company has frozen approximately $3 billion in funds related to the incident by Thursday evening, though it has not officially confirmed that the money was stolen. Binance co-founder and CEO Changpeng Zhao assured users that their funds are secure and that the exchange will cover all hacking losses.

The company is actively investigating the matter and will share more details once the investigation is complete. Tether and Circle, other major cryptocurrency companies, have also frozen funds in connection with the incident, with Circle freezing over $800 million and Tether freezing over $1.5 billion. The security breach is being treated as a potential hack, possibly involving an injection attack on the platform's front end.

Binance expects the customer funds to be fully covered, and the company will provide a full post-mortem once the investigation is concluded.