Binance says $3bn in crypto funds frozen amid ‘potential security issue’

Binance founder says world's largest crypto exchange appears to have been hacked.

Binance founder says world’s largest crypto exchange appears to have been hacked. Cryptocurrency exchange Binance has said at least $3 bn in funds have been frozen following a “potential security issue”. The world’s largest crypto exchange said on Thursday that it had suspended all deposits and withdrawals “as a precaution” as it investigated the situation and engaged law enforcement. Binance said it was “working around the clock” to trace and freeze additional assets and would share a “full post-mortem” once its investigations were complete. The company added that it would cover “all losses” and user funds were safe. “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,” Binance said in a statement to Al Jazeera.

“Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.” The price of Bitcoin, the world’s most popular cryptocurrency, fell about 5 percent following the incident, dropping below $77,000. Changpeng Zhao, Binance’s founder and largest shareholder, said the exchange appeared to have been targeted in a cyber heist. “It does look like a hack on Binance,” Zhao, who no longer manages Binance’s operations after stepping down as CEO in 2023, said in a post on X. “I don’t manage Binance