Binance is probing a suspected exploit after locking down $2.54 billion in digital tokens, though officials have not verified any direct losses to customer balances. Former chief executive Changpeng Zhao anticipates affected funds will be covered, pointing to the platform's standard protections. In response to the breach, Tether and Circle intervened by freezing significant reserves, while Arkham flagged billions in associated hacker wallets. The incident sent Bitcoin tumbling down as much as 3.7% to its lowest level since September.
Key points
The breach could become the largest theft in crypto history, potentially exceeding the $1…: The breach could become the largest theft in crypto history, potentially exceeding the $1.5 billion stolen from Bybit in February 2025.
Binance maintains an emergency reserve known as the Secure Asset Fund for Users, which is…: Binance maintains an emergency reserve known as the Secure Asset Fund for Users, which is typically valued around $1 billion.
Market jitters over the massive platform exploit quickly dragged the price of Bitcoin bel…: Market jitters over the massive platform exploit quickly dragged the price of Bitcoin below the $79,000 threshold.
Sources checked by our analysis pipeline: 1
Binance, the world's largest cryptocurrency exchange by daily trading volumes, is investigating a suspected major hack after freezing more than $2.5 billion in digital assets, triggering a sell-off across cryptocurrency markets.
The exchange said it had frozen $2.54 billion in assets and could raise that figure further as its teams work with law enforcement, stablecoin issuers, blockchain intelligence firms and industry partners.
Binance said it had not confirmed any impact on customer funds. “At this stage, we have not confirmed any impact to user funds,” a company spokesperson said, adding that its security teams were investigating reports of a potential security issue.
The exchange also suspended withdrawals on multiple networks, describing the move as a precautionary measure. It said it was working to restore services when it was safe to do so.
However, several industry experts said the incident appeared to involve a significant amount of stolen assets.
“It does look like a hack on Binance,” said former Binance chief Changpeng Zhao, who no longer runs the company but remains its largest shareholder. Zhao said he expected all user funds…
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