Binance Investigates Potential Hack, Freezes Billions

Binance, the largest cryptocurrency exchange globally, announced on Thursday that it is investigating a potential security breach.

The company reported that cryptocurrency firms had frozen more than $2.5 billion in funds by the evening of October 29. Binance stated that all deposits and withdrawals are temporarily suspended while its teams conduct security checks and coordinate with law enforcement.

Changpeng Zhao, who founded the exchange in 2017, commented on the situation via social media. He stated that the incident "does look like a hack on Binance." Although he no longer manages the company, Zhao added that he expects all user funds will be fully covered as a shareholder.

A Binance spokesperson issued a statement assuring customers that their funds are completely safe. The company said its security teams are reviewing relevant information with urgency and will provide verified updates through official channels.

Two major stablecoin providers, Tether and Circle, also froze assets in response to the event. Jeremy Allaire, co-founder and CEO of Circle, said the company froze the equivalent of more than $800 million in currency in coordination with law enforcement. Paolo Ardoino, CEO of Tether, confirmed that the firm froze the equivalent of more than $1.5 billion in currency related to the incident.

Binance updated its verified total of frozen funds to $2.54 billion approximately two hours after its initial disclosure. The company noted that this figure may increase as it works with blockchain intelligence firms and industry partners to trace additional assets.

The price of bitcoin fell 3.2 percent on Thursday evening, dropping below $79,000. Zhao was pardoned by President Donald Trump in 2025 after pleading guilty to a felony related to money laundering failures and violating the Bank Secrecy Act.