Crypto platform Binance confirms major hack, more than US$2.5bil frozen

Cryptocurrency exchange Binance announced on Thursday that it had been the victim of a significant hack, resulting in the freezing of over US$2.5 billion to prevent theft. The world's largest crypto trading platform by daily volumes suspended trading on certain products following the incident. Despite the attack, the company reassured users that their funds remained secure.

Several experts suggested that a substantial amount of assets had been stolen, likening the hack to a massive heist. Changpeng Zhao, the former CEO of Binance who still holds a majority stake in the company, confirmed that it appeared to be a major hack. Paolo Ardoino, CEO of Tether, reported that his firm had frozen around US$1.6 billion in relation to the potential hack. Circle, the company behind the USDC stablecoin, stated that they had frozen more than US$800 million in USDC.

Reports indicated that hackers had infiltrated Binance's systems hours before the company made the official announcement. Some industry observers speculated that this could be the largest cyberattack of its kind, surpassing the US$1.5 billion stolen from the Bybit exchange in February 2025, an attack linked to North Korean hackers. Following the news, Bitcoin prices dropped by more than 3%.