Key Takeaways
- • Binance said it is investigating a potential security incident after its founder Changpeng Zhao stated the event "does look like a hack on Binance," according to the Associated Press.
- • Crypto firms had frozen more than $2.5 billion in funds by Thursday evening, with Binance's verified total at $2.54 billion in a later X post.
- • Stablecoin issuers Tether and Circle each froze funds: Tether more than $1.5 billion and Circle more than $800 million, per their CEOs.
- • Binance suspended all deposits and withdrawals temporarily while conducting security checks and working with law enforcement; the full extent of any losses was not yet confirmed.
- • Bitcoin fell 3.2% Thursday evening to under $79,000 following the disclosure.
Summary
Binance, the world's largest cryptocurrency exchange, said Thursday it was investigating reports of a potential security issue, according to the Associated Press. Founder Changpeng Zhao wrote on X that the incident "does look like a hack on Binance," while stating that user funds were safe and that, as a shareholder, he expected all user funds would be fully covered. Binance has not explicitly confirmed that funds were stolen, and it was not immediately clear how much damage hackers may have been able to cause.
Binance said cryptocurrency firms had frozen more than $2.5 billion in funds by Thursday evening. About two hours after its initial disclosure, the company posted on X that the verified total of frozen funds was $2.54 billion, and warned that the figure could continue to rise as its teams work with law enforcement, token issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets. A Binance spokesperson said user funds were "completely safe" and that security teams were reviewing all relevant information.
Stablecoin providers Tether and Circle each said they froze funds in response. Circle co-founder and CEO Jeremy Allaire said on X that the company had frozen the equivalent of more than $800 million associated with the incident in coordination with law enforcement. Tether CEO Paolo Ardoino said the company froze the equivalent of more than $1.5 billion related to "a potential Binance exchange hack."
Binance said all deposits and withdrawals were temporarily suspended while it conducts security checks, freezes funds and works with law enforcement. The price of bitcoin fell 3.2% Thursday evening to under $79,000. Zhao founded Binance in 2017 and stepped down as CEO after pleading guilty in 2023 to a felony related to failing to prevent money laundering on the platform; President Donald Trump pardoned him in 2025. The AP noted that Zhao and Binance have been key supporters of some Trump family crypto enterprises.
Binance said cryptocurrency firms had frozen more than $2.5 billion in funds by Thursday evening. About two hours after its initial disclosure, the company posted on X that the verified total of frozen funds was $2.54 billion, and warned that the figure could continue to rise as its teams work with law enforcement, token issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets. A Binance spokesperson said user funds were "completely safe" and that security teams were reviewing all relevant information.
Stablecoin providers Tether and Circle each said they froze funds in response. Circle co-founder and CEO Jeremy Allaire said on X that the company had frozen the equivalent of more than $800 million associated with the incident in coordination with law enforcement. Tether CEO Paolo Ardoino said the company froze the equivalent of more than $1.5 billion related to "a potential Binance exchange hack."
Binance said all deposits and withdrawals were temporarily suspended while it conducts security checks, freezes funds and works with law enforcement. The price of bitcoin fell 3.2% Thursday evening to under $79,000. Zhao founded Binance in 2017 and stepped down as CEO after pleading guilty in 2023 to a felony related to failing to prevent money laundering on the platform; President Donald Trump pardoned him in 2025. The AP noted that Zhao and Binance have been key supporters of some Trump family crypto enterprises.
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