A suspected breach at Binance caused cryptocurrency companies to freeze about $3 billion in assets, the exchange said on Thursday.
Describing the incident as a "security issue," Binance has halted deposits and withdrawals while it "conducts security checks, freezes funds, and works with law enforcement." The firm promised to reimburse all losses.
"It does look like a hack on Binance," co-founder Changpeng Zhao posted on X.
Zhao praised Tether and Circle for swiftly freezing funds and, although no longer managing the company, said he expects "all user funds will be fully covered."
The Binance co-founder stepped down as CEO in 2023 after pleading guilty to violating anti-money-laundering laws, and was pardoned by President Trump in November 2025.
Tether chief executive Paolo Ardoino said his firm locked more than $1.5 billion in USDT, its dollar-backed stablecoin, following the potential breach.
Circle CEO Jeremy Allaire added that the company is "closely tracking reports of a potential exploit involving Binance," and has frozen over $800 million in USDC linked to the episode.
World Liberty Financial, the crypto venture started by President Trump and his sons, froze $27 million of its USD1 stablecoin. Ripple also confirmed it is "actively freezing affected funds."
