Binance, the world’s largest cryptocurrency exchange, has frozen crypto assets worth $2.54 billion after detecting a suspected security breach. The company suspended withdrawals and deposits across several networks while assuring users that all losses will be covered.
Stablecoin issuers also acted quickly. Tether froze $1.57 billion in USDT, while Circle blocked $800 million in USDC. Ripple halted $200 million in funds, and World Liberty Financial froze $27 million in stablecoins along with $2 million in tokens.
The incident triggered sharp declines in major cryptocurrencies. Bitcoin fell below $79,000, its lowest since September. Ether dropped to $2,238.76, while Binance Coin slipped more than 8% to $694.
Binance temporarily stopped trading on its Binance Alpha platform and is working with law enforcement agencies, blockchain intelligence firms, and token issuers to investigate. The company said services will resume only after full security checks are completed.
With more than 300 million users and assets exceeding $150 billion, Binance remains the largest player in the crypto industry. However, the breach has raised concerns about the safety of centralized exchanges. Experts believe such incidents may push more investors toward decentralized platforms where users retain direct control of their funds.
