Binance temporarily halts transactions amid suspected cyberattack

Amid suspicions that Binance, the world’s largest cryptocurrency exchange, had been targeted by a cyberattack on its security system, steps have been taken to freeze digital assets worth around US$3 billion.

Foreign media report that this could become the largest theft in the history of cryptocurrency.

Binance has launched a special investigation into the security issue, which was identified yesterday (29).

Binance co-founder Yi He has said that the company will cover all losses resulting from the cyberattack.

Binance co-founder and former CEO Changpeng Zhao said in a post on his X account that the incident appears to be a cyberattack.

However, a cyberattack has not been officially confirmed, and the exact value of the assets suspected to have been stolen has not been disclosed.

Following the incident, leading stablecoin issuers Tether and Circle have also moved to freeze digital assets identified as being connected to it.

Tether is reported to have frozen assets worth nearly $1.57 billion, while Circle has frozen assets worth more than $800 million.

Binance has also said that Ripple froze assets worth nearly $200 million.

The crypto company World Liberty Financial, which is linked to U.S. President Donald Trump and his family members, has also provided support for freezing digital assets related to the incident.

Withdrawals from the Binance platform were temporarily suspended following the incident, and trading on Binance Alpha was also temporarily halted as a security measure.

However, Binance has emphasized that users' funds are safe and that normal trading will resume as soon as security checks are complete.

The incident has also affected the international cryptocurrency market, with the prices of major cryptocurrencies, including Bitcoin and Ethereum, falling at the start of trading in Asian markets today (30).

Foreign media report that Bitcoin and Ethereum prices fell by around 2%, while the value of BNB, the digital currency associated with Binance, dropped by more than 8%.

Blockchain data analytics firms say billions of dollars' worth of digital assets are suspected to have been obtained without authorization in the incident.

However, no precise information has yet been disclosed about the total value of the suspicious transactions or the people responsible for them.

Binance, which has more than 335 million registered users worldwide, is considered one of the leading cryptocurrency exchange platforms.