Binance probes possible hack as firms freeze $2.5bn
The Guardian reported that Binance, the world’s largest cryptocurrency exchange, is investigating reports of a potential security issue.
The Guardian reported that Binance, the world’s largest cryptocurrency exchange, is investigating reports of a potential security issue. The company said it had not confirmed whether funds had been pilfered, but its founder described the incident as “does look like a hack on Binance”. By Thursday evening, cryptocurrency firms had frozen more than $2.5 billion in funds, according to the outlet. Stablecoin issuers were among those that quickly locked up assets. The extent of any damage that hackers might have caused was not immediately clear, and Binance had not explicitly confirmed that any funds had been taken.
The move to freeze assets reflects growing caution among crypto firms amid uncertainty over the breach. While the investigation continues, the lack of confirmation from Binance leaves the market watching for further developments.
Why it matters
The freeze of billions of dollars highlights how quickly security concerns can disrupt crypto markets and affect liquidity.
Key details
- Location
- United Kingdom · Europe
- Reported by
- The Guardian
- First reported
- Key names
- Binance
- Section
- Technology
Sources
This is an independent summary. Read the full, original reporting from the publisher:
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