Cryptocurrency platform Binance confirmed on Thursday it had fallen victim to a major hack, leading to the freezing of over $2.5 billion in an effort to prevent theft and the suspension of trading on certain products. Despite Binance's insistence that "user funds are completely safe," Tether and Circle, led by their respective CEOs Paolo Ardoino and Jeremy Allaire, have frozen approximately $1.6 billion in USDT and over $800 million in USDC related to the incident. Former Binance chief Changpeng Zhao also confirmed the attack. Industry observers suggest this could be the largest cyberattack of its kind, surpassing the $1.5 billion stolen from Bybit in February 2025. Bitcoin prices fell more than three percent following the news.