Binance freezes $3.6bn in assets over suspected hack

Summarised from 2 outlets · Updated 30 Oct, 01:39 · Archive

Binance has frozen $US2.54 billion in crypto assets after investigating a suspected security breach.

Binance, the world's largest cryptocurrency exchange, has frozen $US2.54 billion ($A3.61 billion) in crypto assets whilst investigating a potential security breach. Co-founder Changpeng Zhao, who no longer runs the company, said in a post on X the incident 'looked like a hack'. The exchange said it was conducting security checks and would resume withdrawals once the issue was fully resolved, adding that user funds remained safe.

Binance said the frozen amount could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to trace and freeze additional assets. Co-founder Yi He said 'Binance will cover all hacking losses'. The exchange temporarily suspended trading on its Binance Alpha platform as a precaution.

Stablecoin providers Tether and Circle each froze funds in response to the incident. Circle froze the equivalent of more than $US800 million in currency 'in coordination with law enforcement', according to co-founder and CEO Jeremy Allaire. Tether CEO Paolo Ardoino said the company froze the equivalent of more than $US1.5 billion in currency related to the incident.

Bitcoin's price dropped 3.2 per cent on Thursday to under $US79,000.

How it is being reported

• Binance freezes $A3.6b in assets over suspected hackBinance, the world's largest cryptocurrency exchange, says it is investigating a potential security issue that appears to be a hack.The West Australian · 30 Oct, 01:03
• Binance freezes $A3.6b in assets over suspected hackBinance, the world's largest cryptocurrency exchange, says it is investigating a potential security issue that appears to be a hack.Perth Now · 30 Oct, 01:02

In this story: Binance · Changpeng Zhao · Tether · Circle · Paolo Ardoino · Jeremy Allaire · Yi He

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log