Binance freezes $2.5bn in assets after suspected hack hits world's largest crypto exchange

Binance, the world's largest cryptocurrency exchange by daily trading volume, suspended trading on certain products on Thursday and froze digital assets worth more than $2.5 billion after confirming it was investigating a suspected security breach.

Former chief executive Changpeng Zhao, who remains a major shareholder after stepping down in 2023, said it did look like a hack. As a shareholder, he said he expected all user funds to be fully covered. Binance itself said user funds were completely safe. The company did not say whether any funds had been stolen.

Zhao founded the Binance platform in 2017 and stepped down as CEO after pleading guilty in 2023 to failing to prevent money laundering on his platform. US President Donald Trump pardoned him in 2025. Zhao and Binance have been key supporters of cryptocurrency ventures by Trump and his family.

Two other crypto platforms moved quickly to limit the damage. Tether froze around $1.6 billion of its USDT currency, according to CEO Paolo Ardoino, while Circle froze approximately $800 million worth of USDC, boss Jeremy Allaire confirmed.

Binance said its security teams were reviewing all relevant information with urgency and would provide updates through official channels once information was verified.

News of the breach sent Bitcoin's value down 3.2% on Thursday evening, pushing it below $79,000.