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Binance investigates possible breach as frozen crypto reaches $2.54 billion
Tether and Circle froze assets linked to the incident, while Binance paused Alpha trading and said withdrawals would resume once the issue was resolved.
An investigation into a possible security breach at Binance has led to $2.54 billion in cryptocurrency being frozen, the exchange said October 29. Co-founder Yi He pledged that Binance would absorb any hacking losses.
The exchange warned that the frozen amount could grow. It said efforts to locate and freeze more assets involved law enforcement, token issuers, blockchain intelligence companies and other industry participants.
Binance said it was checking its security and that customer funds remained safe. Withdrawals would restart only after the issue was fully resolved, it said. The company also halted Binance Alpha trading temporarily as a precaution.
Assets frozen by Tether in connection with the incident totaled nearly $1.57 billion, the stablecoin issuer said. Circle's freeze exceeded $800 million. Yi separately put the amount frozen by Ripple at roughly $200 million.
World Liberty Financial, which is linked to US President Donald Trump and his family, said it coordinated with custodian BitGo to freeze stolen funds. Yi said the frozen assets included stablecoins totaling $27 million and World Liberty tokens worth about $2 million.
Arkham CEO Miguel Morel said blockchain data pointed to an apparent theft of billions of dollars by an unidentified actor, although the precise cause was unconfirmed. He placed the start at around 4:30 p.m. EST and said the incident appeared to be continuing.
The separate exchange Binance.US said it had not been affected. Coinbase also said it was unaffected and was watching developments.