Major crypto firms including Tether, Circle, and Ripple intervened directly to halt fund movements across multiple blockchains during the suspected security incident. Binance temporarily suspended trading operations on its Binance Alpha platform and paused general withdrawals while security teams conduct system-wide checks. Co-founder Yi He confirmed the exchange will cover all user losses, while competitor Coinbase and affiliate Binance.US verified their platforms were not impacted.
Key points
Binance management assured customers that their account balances remain safe and promised…: Binance management assured customers that their account balances remain safe and promised that the exchange will fully cover any hacking losses.
Normal withdrawal capabilities will remain paused until internal teams finalize comprehen…: Normal withdrawal capabilities will remain paused until internal teams finalize comprehensive security reviews and conclude the core issue is resolved.
Total asset freezes are expected to climb further as cross-industry tracing efforts conti…: Total asset freezes are expected to climb further as cross-industry tracing efforts continue alongside specialized blockchain investigators and law enforcement agencies.
Sources checked by our analysis pipeline: 1
Binance, the world's largest cryptocurrency exchange, said on Thursday that $2.54 billion worth of crypto assets had been frozen as it investigated a possible security breach. Stablecoin issuers Circle and Tether also froze assets linked to the incident, news agency Reuters reported.
"Binance will cover all
hacking losses," Binance co-founder Yi He said.
The exchange 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 more 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 carrying out security checks and would resume withdrawals once the issue was fully resolved. It also assured users that their funds remained safe and said its teams were reviewing the incident. The exchange temporarily suspended trading on its Binance Alpha platform as a precaution.
A massive cybersecurity incident has struck the cryptocurrency industry, directly impacting major exchange Binance. The compromised funds have reached a staggering scale, firmly establishing the event as one of the most substantial thefts in digital asset history. Industry observers continue to evaluate the broader implications as critical specifics regarding the incident remain undisclosed.
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