World's largest crypto exchange Binance freezes $2.54bn after suspected hack

The world's largest cryptocurrency exchange, Binance, froze $2.54 billion worth of crypto assets on Thursday following a suspected security breach, according to news agency Reuters. Stablecoin issuers Circle and Tether also froze assets tied to the incident. Binance co-founder Yi He announced that the exchange would cover all hacking losses.

The company stated it would investigate the breach and resume withdrawals once the issue was fully resolved. Binance temporarily suspended trading on its Binance Alpha platform as a precautionary measure.