Crypto firms freeze more than $2.5bn in funds as Binance's founder says the incident 'does look like a hack'

Binance, the world's largest cryptocurrency exchange, is investigating a security breach after its founder confirmed the incident "does look like a hack." Stablecoin issuers Tether and Circle moved swiftly to freeze funds, with the verified total reaching $2.54bn by Thursday evening, a figure Binance warned could rise further.

Binance told users 'rest assured that user funds are completely safe' as security teams reviewed the breach.

Circle CEO Jeremy Allaire said his firm froze over $800m in coordination with law enforcement.

Binance warned the $2.54bn frozen total may keep climbing as blockchain intelligence firms and law enforcement trace additional assets.