Cryptocurrency exchange Binance said it had frozen assets totalling about $3 billion as part of an investigation into a suspected hacking attack.
Confirmed amount of frozen funds and cooperation
‘At present the confirmed total amount of frozen funds is about $3 billion. Our teams continue to work closely with law enforcement, issuers, blockchain analytics firms and industry partners to trace and freeze additional assets,’ the statement said.
Security specialists are urgently verifying all relevant information, and updates will be published only through the company’s official channels after the facts have been confirmed.
Suspension of withdrawals and statements from company representatives
Earlier, Binance confirmed it is investigating a security incident after users reported withdrawals from wallets on the platform. ‘We assure you that users’ funds are completely safe,’ the statement said.
Ross O’Leary said that following the incident the company, for security reasons, ‘temporarily suspended withdrawals on several blockchain networks.’ Cryptocurrencies are highly volatile, and the investigation is ongoing.
Freezes at Circle and Tether and estimates of losses
The exchange’s founder, Changpeng Zhao, who no longer runs the company but remains its largest shareholder, had reported a possible breach several hours earlier. He expressed hope that users would be ‘fully reimbursed’, but did not explain what this assessment was based on.
Circle and Tether also froze assets connected to the incident: Circle said it had frozen about $800 million in Tether cryptocurrency, and Tether about $1.56 billion. Observers estimate the exchange’s losses could exceed $5.7 billion. It is currently unknown who is behind the attack, and theft of funds has not yet been confirmed.