Binance investigates suspected hack as withdrawals suspended and stablecoin issuers freeze billions

Binance, the world's largest cryptocurrency exchange, is investigating a potential hack that has prompted it to pause withdrawals and stablecoin issuers to freeze billions in funds.

• Binance confirmed it is investigating a potential security issue and has temporarily suspended withdrawals on multiple networks as a precautionary measure.
• Founder Changpeng Zhao said the incident "does look like a hack on Binance" and expected user funds to be fully covered.
• Stablecoin issuers Tether and Circle said they froze roughly $1.5 billion and $800 million respectively in funds tied to the incident.
• Bitcoin dropped 3.2% to below $79,000 on Thursday.
• Binance said it had frozen at least $2.54bn in assets as a precaution while its security teams investigate.
• Binance suspended all deposits and withdrawals across its platform during the security probe.
• Binance urged users to beware of scams and to rely only on official channels.
• Binance said it suffered a major hack on Thursday, confirming the security breach it was investigating.
• Binance suspended trading on some products while its security teams continued investigating the breach.
• Observers suggested the hack could be the largest on record, exceeding the $1.5 billion Bybit theft of February 2025.