CONNECT WITH US
eCommerce

eCommerce

Binance Says $2.54 Billion in Assets Frozen in Security Breach

Retail News Asia logo

Published on

Add as a preferred source on Google
Binance Says $2.54 Billion in Assets Frozen in Security Breach

Binance said on Thursday that $2.54 billion in cryptocurrency assets had been frozen as it investigated a potential security breach.

Stablecoin issuers Tether and Circle froze related assets to halt illicit transfers, locking nearly $1.57 billion and more than $800 million respectively. Trading on the Binance Alpha platform was temporarily suspended as a precaution, while customer withdrawals were paused pending the outcome of security checks.

Co-founder Yi He confirmed user funds remained safe and pledged that “Binance will cover all hacking losses.” Former chief executive Changpeng Zhao stated on X that the incident “looked like a hack,” while blockchain intelligence firm Arkham reported that outflows began around 4:30 p.m. EST on Thursday. Binance said the frozen total could rise as it works with law enforcement agencies, token issuers and blockchain investigators.

Third-party custodians and token networks stepped in quickly to limit the damage across decentralized pools. Ripple froze approximately $200 million in digital assets linked to illicit transfers, according to Yi. In addition, Donald Trump-backed crypto enterprise World Liberty Financial worked alongside digital asset custodian BitGo to immobilize $27 million in stablecoins and roughly $2 million worth of its proprietary tokens.

The scale of immediate market intervention highlights how centralized stablecoin mechanisms operate as liquidity kill switches during large-scale security exploits. 567 billion USDT directly, secondary market tracking firm Arkham indicated that initial automated alerts flagged upwards of $5 billion in anomalous balance movements before the actual scope was confirmed. 9 percent to $704.



Source link
Related Topics:eCommerce

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.