Crypto companies freeze $2.5 billion on Binance platform amid fears of major hack

Binance investigates breach

Binance, the world’s largest cryptocurrency platform by daily trading volume, said Thursday it was investigating a possible security breach. The full extent of the incident was not immediately known, and the company did not disclose whether any cryptocurrency had been stolen.

Former chief Changpeng Zhao, who remains a major shareholder, said it appeared to be a hack. Binance said its security teams were urgently reviewing information and would issue updates through official channels once details were verified.

A company spokesperson said user funds were safe. Zhao added that, as a shareholder, he expected users’ funds to be fully covered.

Companies freeze billions

About $2.5 billion (€2.8 billion) was frozen in response to the suspected breach. The freezes were made by cryptocurrency companies using Binance, while the platform halted trading in certain products.

Tether froze around $1.6 billion in USDT, CEO Paolo Ardoino said. Circle froze about $800 million in USDC, according to its chief, Jeremy Allaire.

Bitcoin falls as uncertainty grows

The news sent Bitcoin down 3.2% on Thursday evening, taking its price below $79,000. The article did not state how long the trading suspension or the freezes would last.

Zhao founded Binance in 2017 and stepped down as CEO after pleading guilty in 2023 to failing to prevent money laundering on the platform. US President Donald Trump pardoned him in 2025.