$2.54 billion in funds frozen following potential hacking incident at Binance

Following reports of a potential security breach at the world's largest cryptocurrency platform, Binance, the company launched an investigation on Thursday. According to a DW report, approximately $3 billion (2.7 billion euros) have been frozen in response to this potential hacking. However, according to reports from Al Jazeera and The Times of India, the amount of frozen crypto funds has been stated as $2.54 billion.

Company co-founder Yi He stated without providing further details about the incident that Binance will compensate for all losses caused by the hacking. A company spokesperson also assured that users' funds are completely safe. In a statement, the company said that Binance's security teams are reviewing all relevant information on an urgent basis and updates will be provided through official channels as soon as verified information is received.

The company has suspended trading on certain products, while cryptocurrency companies using the platform have frozen funds. According to Tether CEO Paolo Ardoino, Tether has frozen approximately $1.6 billion in its USDT currency, while Circle head Jeremy Allaire stated that they have frozen USDC worth approximately $800 million.

Company major shareholder and former chief Changpeng Zhao stated, "It looks like there was a hack on Binance." Zhao, who founded Binance in 2017, expressed hope as a shareholder that all user funds would be fully covered. Zhao stepped down as CEO after being convicted of failing to prevent money laundering in 2023, but was pardoned by US President Donald Trump in 2025. Zhao and Binance have been key supporters of US President Trump and his family's cryptocurrency ventures.

Due to the news of this potential hacking, the price of Bitcoin saw a 3.2% decline on Thursday evening, reaching a level below $79,000. Details regarding the extent of the security breach or whether any cryptocurrency funds have been stolen have not yet been disclosed.