Dubai-based crypto exchange under regulatory scrutiny
Binance has suspended deposits and withdrawals and frozen affected assets after a suspected security breach that analysts and blockchain trackers estimate has removed billions of dollars of crypto. Stablecoin issuers Tether and Circle have frozen roughly $1.8bn so far; Binance says user funds are safe and is working with law enforcement and partners to trace assets.
Binance is facing a record-size security breach after $6.3 billion flowed out across ten blockchains in about 20 minutes. The exchange has suspended deposits and withdrawals while it works with law enforcement; roughly $3 billion is frozen, with $2.4 billion still under attacker control. Investigators attribute the attack to North Korea’s TraderTraitor network, linked to past major heists and sanctioned groups.