Binance Investigates Possible Hack, Crypto Firms Freeze $2.5 Billion In Funds
\n\nBinance, the world's largest cryptocurrency exchange, said on Thursday that it is investigating reports of a possible security breach. Its founder, Changpeng Zhao, also said the incident “does look like a hack on Binance”.
\n\nThe company said cryptocurrency firms had frozen more than $2.5 billion in funds linked to the incident by Thursday evening. However, the full extent of the possible damage remains unclear, and Binance has not confirmed whether any funds were stolen.
\n\nStablecoin issuers moved quickly to freeze funds following the reports.
\n\n“Rest assured that user funds are completely safe,” a Binance spokesperson said in a statement.
\n\n“Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information,” the spokesperson added.
\n\nAround two hours after its initial statement, Binance said in a post on X that the verified amount of frozen funds had reached $2.54 billion.
\n\n“This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets,” the company said.
\n\nStablecoin providers Tether and Circle also…
Original source: https://www.timesnownews.com/business-economy
