Crypto Billions Locked in Suspected Binance Hack
Cryptocurrency company Binance said on Thursday it had frozen digital currencies worth roughly $3bn (£2.24bn) to stop them being stolen as it investigates a security risk.
In a series of alerts online, the company said: “We are temporarily suspending all deposits and withdrawals while our teams carry out security checks. “We will cover all losses.”
Other big crypto platforms, Tether and Circle, also announced they have blocked around $2.4bn in assets in response to the alleged Binance breach.
Binance has not revealed how much may have been taken, but some crypto specialists have estimated the number to be over $5bn.
The security incident involves Binance.com, not the much smaller crypto platform Binance. Only US residents can use the trading services of the US, and Binance maintained that its platform was not affected by the issue. “It does look like a hack,” former Binance boss Changpeng Zhao stated on X.
Zhao, often known as CZ, is no longer the company’s CEO but remains a major stakeholder. Glassnode, a digital asset advice service, said the attack involves a total of $5.3 billion in bitcoin. That sum is about four times the value of crypto stolen from a Dubai-based crypto exchange. Bybit 2025 – a record-breaking incident attributed to hackers affiliated to North Korea.
The amount of frozen funds could continue to grow as our teams work closely with law enforcement and other partners to trace and seize additional assets,” Binance added. We’re working around the clock and will release a thorough post-mortem when the inquiry is complete. The corporation said, “For updates, please refer only to official Binance channels,” noting that users’ assets were safe.
Binance is the world’s biggest crypto exchange by daily trading volumes. Bitcoin plummeted roughly 5% after the alerts. Other prominent cryptocurrencies such as Ethereum and Solana also saw their prices take a steep dive.
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