Crypto platform Binance confirms major hack, more than $2.5bn frozen.
The company — the world’s largest crypto exchange by daily trading volumes — said it had suspended trading on certain products.
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Cryptocurrency platform Binance said Thursday it had fallen victim to a major hack that had resulted in the freezing of more than $2.5 billion in an effort to prevent them from being stolen.
It nevertheless insisted: “User funds are completely safe.” Several experts said it looked like a massive amount of assets had been stolen. “It does look like a hack on Binance,” said former Binance chief Changpeng Zhao, who no longer runs the group but remains a majority shareholder. Paolo Ardoino, the CEO of Tether — a company that issues a cryptocurrency known as USDT — said his firm froze about $1.6 billion “related to a potential Binance exchange hack.” Circle boss Jeremy Allaire said his company had frozen more than $800 million in USDC. USDT and USDC are both “stablecoins,” or digital currencies whose value is linked to a traditional currency, the US dollar.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Vanguard.