Binance Freezes $2.54 Billion and Halts Deposits and Withdrawals Following Suspected Breach

Binance, the world's largest cryptocurrency exchange, has suspended all deposits and withdrawals "as a precaution" following what it described as a "potential security issue," announcing the freezing of at least $2.54 billion in assets.

The platform stated in a press release that its security teams are reviewing all relevant information urgently, emphasizing that it is cooperating with law enforcement authorities and that user funds are secure. Binance warned users to avoid unofficial links and messages and to disregard any requests for account information.

Bitcoin's price fell approximately 5% in the wake of the incident, declining below $77,000.

Changpeng Zhao, founder and largest shareholder of Binance, wrote on X platform: "It appears this is a breach on Binance." Zhao, who stepped down from the chief executive position in 2023 and no longer manages the platform's operations, noted that as a shareholder he expects user funds to be fully covered.