Binance, the world’s largest cryptocurrency platform, is investigating a possible security breach, the company confirmed on Thursday. Changpeng Zhao, the former CEO and a major shareholder, suggested it appears to be a hack.
In response to the suspected breach, about $3 billion (£2.7 billion) in funds have been frozen. A spokesperson reassured users that their funds are secure and co-founder Yi He stated, “Binance will cover all hacking losses,” though details of the incident remain unclear.
The extent of the potential hack has not yet been revealed, and Binance has not disclosed whether any cryptocurrency has been stolen. The company is reviewing all relevant information urgently and will provide updates through official channels as more information is verified.
As Binance, which commands the highest daily trading volume in cryptocurrencies, suspended trading on some products, Tether and Circle, two other major platforms, froze significant amounts of currency—around $1.6 billion in USDT and $800 million in USDC, respectively.
The news caused Bitcoin’s value to drop by 3.2%, falling below $79,000. Zhao, who founded Binance in 2017 and stepped down as CEO after pleading guilty to failing to prevent money laundering on the platform, expressed confidence that all user funds would be fully covered. He was pardoned by former US President Donald Trump in 2025.
Zhao and Binance have been supportive of crypto ventures linked to Trump and his family.
