Binance freezes $2.5bn in assets following suspected security breach
The cryptocurrency exchange suspends deposits and withdrawals while investigating a potential hack.
At a glance
- Binance froze $2.5 billion in assets after a suspected hack
- Deposits and withdrawals are suspended during security investigation
- The firm committed to covering all losses from the incident
Binance has frozen $2.5 billion in assets following a suspected security breach. The exchange has suspended deposits and withdrawals while its teams conduct security checks.
The firm said it will cover all losses resulting from the incident. No further details about the nature of the suspected hack or its scope were provided.
Why it matters
Binance is one of the world's largest cryptocurrency exchanges, so security breaches affecting the platform can have significant implications for millions of users and the broader crypto market.
Original reporting
- BBC News — TechnologyCrypto giant Binance freezes $2.5bn of assets over suspected hack
- BBC News — BusinessCrypto giant Binance freezes $2.5bn of assets over suspected hack
This brief was written with AI assistance from the reports listed above and checked against our editorial policy. Spotted an error? Request a correction.
