Binance, the world's largest cryptocurrency platform, confirmed on Thursday that it is investigating a potential security breach. Greg Stanton, the former CEO of Binance, who is still a major shareholder in the company, said: "It appears that an attack has occurred on Binance." This security breach has resulted in the freezing of approximately $2.5 billion in cryptocurrency assets.
Binance's Statement on User Security
A spokesperson for Binance stated that "users should be assured that their funds are completely secure." However, specific details regarding the extent of the security breach are not quickly available, and Binance has not disclosed whether any cryptocurrency funds have been stolen. In the company's statement, it said: "Our security teams are urgently reviewing all relevant information, and we will provide updates through Binance's official channels as soon as the information is confirmed."
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Impact on Cryptocurrency Market
This news regarding the security breach caused Bitcoin's value to drop by 3.2% on Thursday evening, bringing its price below $79,000. Binance, which is considered the largest platform in terms of daily trading volume of cryptocurrencies, suspended trading on some products following this threat. Additionally, other cryptocurrency companies like Tether and Circle also froze approximately $1.6 billion and $800 million of their assets, respectively, in response to this situation.
Greg Stanton, who founded Binance in 2017, also noted that "as a shareholder, I expect all user funds to be fully covered." Stanton resigned as CEO in 2023 due to failure to prevent money laundering on his platform and was pardoned in 2025 by former U.S. President Donald Trump.
Binance and Stanton have been major supporters of the Trump family's cryptocurrency initiatives and Trump himself. These connections may have further implications for the cryptocurrency market and raise concerns about the security and credibility of the industry.
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