Binance crypto platform suspends trades amid suspected hack

Binance has the largest volume of daily trading out of any crypto platformImage: Silas Stein/dpa/picture allianceAdvertisementThe world's largest cryptocurrency platform, Binance, confirmed on Thursday that it was investigating a potential security breach.

"It does look like a hack on Binance," said former company chief Changpeng Zhao, who remains a major shareholder.

Some $2.5 billion (€2.8 billion) had been frozen in response to the suspected hack.

"Rest assured that user funds are completely safe," a company spokesperson said.

The extent of the possible security breach was not immediately disclosed. Binance did not say whether any cryptocurrency funds had been stolen.

"Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information," the company statement said.

The company, which is the world's largest platform in terms of daily crypto trading volume, suspended trading on certain products while the freezing came from cryptocurrency companies using the platform.

Tether froze around $1.6 billion in its USDT currency, according to CEO Paolo Ardoino, and Circle froze some $800 million-worth of USDC, boss Jeremy Allaire said.

The news of the possible hack sent Bitcoin's value tumbling by 3.2% on Thursday evening, dropping below $79,000.

Zhao, who founded the Binance platform in 2017, said "as a shareholder, I expect all user funds will be fully covered."

He stepped down as CEO after pleading guilty in 2023. to failing to prevent money laundering on his platform. US President Donald Trump pardoned him in 2025.

Zhao and Binance have been key supporters of cryptocurrency ventures by US President Donald Trump and his family.

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