World's largest crypto exchange Binance freezes $2.54bn after suspected hack

Binance, the world's largest cryptocurrency exchange, said on Thursday that $2.54 billion worth of crypto assets had been frozen as it investigated a possible security breach. Stablecoin issuers Circle and Tether also froze assets linked to the incident, news agency Reuters reported."Binance will cover all hacking losses," Binance co-founder Yi He said.The exchange said the amount frozen could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to trace and freeze more assets.Binance co-founder Changpeng Zhao, who no longer runs the company, said in a post on X that the incident "looked like a hack."Tether said it had frozen nearly $1.57 billion in assets linked to the incident, while Circle froze more than $800 million.Binance said it was carrying out security checks and would resume withdrawals once the issue was fully resolved.