The world's largest cryptocurrency platform, Binance, confirmed on Thursday that it was actively investigating a potential security breach. In response to the unfolding situation, the exchange suspended trading on certain products, while major digital asset companies moved swiftly to freeze billions of dollars in their respective currencies.

The full extent of the suspected security failure was not immediately disclosed by the company, and Binance refrained from clarifying whether any cryptocurrency funds had actually been stolen during the incident. Company representatives stated that security teams were reviewing all relevant information with high urgency, promising official updates as soon as verification was complete, while maintaining that user funds allegedly remain completely safe.

The emergency response involved major industry players, with Tether CEO Paolo Ardoino confirming that around $1.6 billion in USDT had been frozen. Simultaneously, Circle boss Jeremy Allaire stated that his firm had frozen roughly $800 million worth of USDC. The news of the potential breach sent immediate shockwaves through the market, causing Bitcoin's value to tumble by 3.2% on Thursday evening and drop below the $79,000 threshold.

Former company chief Changpeng Zhao, who founded the platform in 2017 and stepped down following a guilty plea regarding anti-money laundering failures, commented that the situation certainly looks like a hack. Zhao, who received a controversial pardon from the US regime, asserted that as a shareholder, he expects all user funds to be fully covered. Observers note that Zhao and Binance have historically been key supporters of cryptocurrency ventures promoted by the US leadership and its affiliates.

Source: www.dw.com