Binance mounts urgent response to suspected hack as crypto platforms freeze billions

The cryptocurrency exchange Binance mobilized an urgent and wide-reaching response Thursday to what it called a “security issue,” after a series of very large transfers on the platform raised fears that it had been hacked.

“All deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement,” Binance said in a statement on X.

“This is an industry-wide effort, and we are grateful to partners across the ecosystem who have moved quickly to help freeze affected assets.”