Crypto platform Binance confirms major hack

Cryptocurrency giant Binance disclosed on Thursday that it had been struck by a significant cyberattack, resulting in the suspension of trading for certain products. The company, which holds the title of the world's largest crypto exchange by daily trading volumes, revealed that over US$2.5 billion had been frozen to deter theft.

Binance assured its users that their funds remained secure. Industry experts speculate that a substantial amount of assets may have been stolen, likening it to a massive hack. Former Binance CEO Changpeng Zhao, now a majority shareholder, confirmed the hacking incident. Additionally, Tether CEO Paolo Ardoino reported that his company had frozen approximately US$1.6 billion in connection with the potential hack.

Circle CEO Jeremy Allaire disclosed that his firm had frozen over US$800 million worth of USDC. Both USDT (Tether) and USDC (Circle's stablecoin) are digital currencies pegged to the US dollar. Rumors of the attack had circulated earlier in the day, with some industry observers suggesting it could be the most extensive cyberattack in the sector, surpassing the US$1.5 billion stolen from Bybit in February 2025. The news caused Bitcoin to plummet by more than three percent.