Binance Freezes $2.5 bn Amid Hack Suspicions

Binance just locked up more than $2.5 billion in crypto after spotting a possible hack on Thursday. All deposits and withdrawals are on pause while the exchange runs security checks. The firm promised to cover every loss and said users' funds remain safe. Former CEO Changpeng Zhao, still a majority shareholder, called it "a hack on Binance." He noted that rivals Tether and Circle together have frozen about $1.7 billion in related assets. Circle's chief Jeremy Allaire said his firm has locked more than $800 million of USDC tied to the incident. Binance says the frozen total could rise as it works with law enforcement to trace more funds. "We are working around the clock and will share a full post-mortem once the investigation is complete," the exchange warned.