Binance mounts urgent response to suspected hack as crypto platforms freeze billions

The cryptocurrency exchange Binance mobilized an urgent and wide-reaching response Thursday to what it called a “security issue,” after a series of very large transfers on the platform raised fears that it had been hacked. “All deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement,” Binance said in a statement on X. “This is an industry-wide effort, and we are grateful to partners across the ecosystem who have moved quickly to help freeze affected assets.” If the funds that were identified Thursday have been stolen, it would most likely be the largest crypto heist in history. The company also pledged to “cover all losses.” Binance is the world’s largest cryptocurrency trading platform by volume, with hundreds of thousands of users who buy, sell and store billions of dollars’ worth of digital currencies on the exchange.

Unlike traditional bank deposits, funds kept in accounts with companies like Binance are not automatically insured against losses, potentially leaving any refunds up to the discretion of individual exchanges. In addition to the halted trades, the company said billions of dollars of digital funds had been frozen. “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,” Binance