From the Liveblog of
Thursday, October 29, 2026
Crypto platform Binance confirms major hack, more than $2.5B frozen
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Cryptocurrency platform Binance says it fell victim to a major hack that resulted in the freezing of more than $2.5 billion in an effort to prevent them from being stolen.
The company — the world’s largest crypto exchange by daily trading volumes — says it has suspended trading on certain products.
It nevertheless insists: “User funds are completely safe.”
Several experts say it looks like a massive amount of assets had been stolen.
“It does look like a hack on Binance,” says former Binance chief Changpeng Zhao, who no longer runs the group but remains a majority shareholder.
Paolo Ardoino, the CEO of Tether — a company that issues a cryptocurrency known as USDT — says his firm froze about $1.6 billion “related to a potential Binance exchange hack.”
Bitcoin prices fell more than three percent on the news.
The Times of Israel Community.