Binance, the world’s largest cryptocurrency exchange, said Thursday it is investigating reports of a potential security issue. Founder Changpeng Zhao said on X that the incident “does look like a hack on Binance,” though the company had not explicitly confirmed that funds were taken. It was not immediately clear how much damage hackers may have caused.
Binance said user funds are “completely safe” and that its security teams are reviewing the situation. The company said it will post updates through official channels once it has verified information.
Stablecoin issuers moved quickly Thursday evening. Circle said it froze the equivalent of more than $800 million in currency tied to the incident, in coordination with law enforcement. Tether said it froze more than $1.5 billion. Bitcoin fell 3.2% Thursday evening to under $79,000.
Zhao founded Binance in 2017. He pleaded guilty in 2023 to a felony tied to failing to prevent money laundering on the platform and stepped down as CEO. President Donald Trump pardoned him in 2025. Zhao, who said he no longer manages Binance, wrote that as a shareholder he expects all user funds to be fully covered.
For South Florida residents who hold crypto on the platform, the company has not said whether any accounts were affected.
