Crypto giant Binance freezes $2.5bn of assets over suspected hack
Binance has frozen $2.5 billion in digital assets following a suspected security breach. The exchange has suspended deposits and withdrawals while working with law enforcement to secure funds.
Why it matters
As the world's largest crypto exchange, a major security failure at Binance poses significant systemic risks to the broader cryptocurrency market.
Image source, Getty Images By Osmond Chia Business reporter Published 7 minutes ago Cryptocurrency giant Binance said on Thursday that it has frozen digital assets worth more than $2.5bn (£1.87bn) to prevent them from being stolen while it investigates a security issue.
The company said as part of a series of alerts online that all deposits and withdrawals are temporarily suspended while its teams conduct security checks and that the firm will "cover all losses".
"It does look like a hack on Binance," said Binance's former boss Changpeng Zhao, who remains a majority shareholder of the firm.
Also covering this story
3 other newsrooms covered this event. We read each version separately.
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