Binance initiated a comprehensive investigation alongside law enforcement and blockchain intelligence teams to track and secure compromised funds across several blockchains. As part of immediate containment measures, stablecoin operators including Tether, Circle, and Ripple locked down hundreds of millions of dollars tied to the suspected attacker. Arkham noted that the unauthorized transactions began around 4:30 p.m. EST before trading on Binance Alpha was halted. Co-founder Yi He pledged that client balances will be preserved, and standard platform withdrawals are set to resume once verification concludes.
Key points
Exchange leadership pledged full compensation for affected users while confirming client…: Exchange leadership pledged full compensation for affected users while confirming client funds will remain entirely safe.
Platform functionality including Binance Alpha trading and standard withdrawals experienc…: Platform functionality including Binance Alpha trading and standard withdrawals experienced temporary suspensions during the security review.
External cryptocurrency platforms including Binance.US and Coinbase verified that their o…: External cryptocurrency platforms including Binance.US and Coinbase verified that their operations remained completely unaffected by the event.
Sources checked by our analysis pipeline: 1
Oct 29 : Binance, the world's largest cryptocurrency exchange, said on Thursday that $2.54 billion in crypto assets had been frozen as it investigated a potential security breach, with stablecoin issuers Circle and Tether freezing related assets.
"Binance will cover all hacking losses," Binance co-founder Yi He said.
Binance said the amount frozen could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to trace and freeze additional assets.
Binance co-founder Changpeng Zhao, who no longer runs the company, said in a post on X that the incident "looked like a hack."
Tether said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million.
Binance said it was conducting security checks and would resume withdrawals once the issue was fully resolved. It added user funds remained safe and that teams were reviewing the incident.
The exchange also temporarily suspended trading on its Binance Alpha platform as a precaution.
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