Crypto giant Binance freezes $2.5bn of assets over suspected hack
Summary
Binance said it froze more than $2.5 billion in digital assets while investigating a security issue and temporarily suspended deposits and withdrawals. The company said it would cover losses and that user funds were safe; crypto prices fell after the alerts.Key Facts
- Binance said it froze more than $2.5 billion in assets to stop them from being stolen during its investigation.
- The exchange temporarily suspended deposits and withdrawals while conducting security checks.
- Binance said it would cover all losses and that users' funds were safe.
- Former Binance chief Changpeng Zhao said the incident appeared to be a hack.
- Circle said it froze more than $800 million in assets linked to the incident.
- Zhao said Tether and Circle had together frozen about $1.7 billion in stolen assets.
- Bitcoin fell about 5% after the alerts, and Ethereum and Solana also dropped sharply.
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