Binance announced on Thursday that it had frozen $2.54 billion in crypto assets after a suspected security breach. Co‑founder Yi He said the company would cover any losses and that withdrawals would pause until the issue resolves.
Circle and Tether followed suit, locking nearly $800 million and $1.57 billion, respectively, and Ripple added about $200 million to its freeze list. These moves came after reports of a possible hack that began around 4:30 pm EST.
Binance is working with law‑enforcement agencies, token issuers, and blockchain intelligence firms to trace and seize additional assets. Arkham’s CEO Miguel Morel warned that the stolen sum could reach billions, though the exact cause remains unconfirmed.
The exchange, which hosts more than 300 million users and manages roughly $160 billion in assets, has temporarily suspended trading on its Binance Alpha platform as a precautionary step.
Other U.S. exchanges, including Binance.US and Coinbase, have declared they are unaffected and are monitoring the situation. Meanwhile, Polymarket’s trading pause was also tied to a third‑party provider issue, but it later resumed.
Binance plans to lift withdrawal restrictions once the investigation concludes, a move that could restore confidence in the platform’s security. The company will keep users informed as new evidence surfaces.