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Binance mounts urgent response to suspected hack as crypto services freeze billions
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The cryptocurrency exchange Binance mobilized an urgent and wide-reaching response Thursday to what it called a “security issue,” after a series of large transfers on the platform raised fears that it had been hacked.
Key facts
- In 2025, Coinbase disclosed that thieves had stolen customers’ personal information and attempted to extort the company for $20 million
- Tether froze more than $1.567 billion worth of its digital currency, CEO Paolo Ardoino said on X
- Zhao stepped down as the CEO of Binance in 2023 and pleaded guilty to breaking U.S. anti-money-laundering laws
- Binance’s founder, Changpeng Zhao, said, “As a shareholder, the reporter expect all user funds will be fully covered
Summary
“All deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement,” Binance said . “This is an industry-wide effort, and we are grateful to partners across the ecosystem who have moved quickly to help freeze affected assets.” If the funds that were identified Thursday have been stolen, it would most likely be the largest crypto heist in history. Binance is the world’s largest cryptocurrency trading platform by volume, with hundreds of thousands of users who buy, sell and store billions of dollars’ worth of digital currencies on the exchange.