Binance Freezes $2.54 Billion After Suspected Hot‑Wallet Attack

Overview

• Binance confirmed a verified $2.54 billion in frozen digital assets and temporarily suspended withdrawals while it investigates a suspected compromise of hot wallets.
• Tether blocked about $1.57 billion in USDT and Circle blocked roughly $800 million in USDC in coordination with authorities to stop further movement of the funds.
• Binance said its security teams are working with law enforcement and blockchain intelligence firms to trace additional assets and warned the verified frozen total may rise.
• The exchange said customer funds are secure and could be covered using its Secure Asset Fund for Users if losses are confirmed.
• The incident shook markets, sending bitcoin and U.S. tech stocks lower, and revives concern about recurring exchange security failures and potential regulatory scrutiny.