Hacked! Largest crypto exchange lives its worst fear

What happened: Binance reported an incident it described as a hack, with deposits and withdrawals temporarily suspended while security checks proceed. A Binance spokesperson said user funds are completely safe. Key numbers: Estimated total impact around $6.3 billion. Roughly $3 billion frozen on-chain so far. Why it matters: Tether and Circle froze funds in coordination with law enforcement. Changpeng Zhao said the incident does look like a hack on Binance and that as a shareholder he expects all user funds will be fully covered.

Binance reported an incident it described as a hack, with deposits and withdrawals temporarily suspended while security checks proceed. A Binance spokesperson said user funds are completely safe.

Tether and Circle froze funds in coordination with law enforcement. Changpeng Zhao said the incident does look like a hack on Binance and that as a shareholder he expects all user funds will be fully covered.