Binance says $2.54bn in crypto funds frozen amid ‘potential security issue’
Summary
Binance said it froze at least $2.54 billion in crypto funds after a potential security issue and paused deposits and withdrawals while it investigates with law enforcement. The exchange said user funds were safe, while Bitcoin fell about 5 percent to below $77,000 after the incident.Key Facts
- Binance said it froze at least $2.54 billion in funds.
- The exchange suspended deposits and withdrawals as a precaution.
- Binance said it was investigating the issue and working with law enforcement.
- The company said user funds were safe.
- Bitcoin fell about 5 percent and dropped below $77,000 after the incident.
- Binance founder and shareholder Changpeng Zhao said the exchange appeared to have been targeted in a cyber heist.
- Zhao stepped down as Binance CEO in 2023 and said he expected user funds to be fully covered.
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