Bitcoin, cryptocurrency prices fall after Binance reports security issue
- On Friday, Bitcoin fell below $78,000 as concerns over a potential security breach at Binance rattled digital asset markets, with the cryptocurrency dropping over 4% to break below the psychologically important $80,000 threshold.
- Binance has not explicitly confirmed a hack, stating teams are actively investigating reports of a potential security issue; CEO Changpeng Zhao sought to reassure investors that customer funds remain secure.
- To contain the suspected breach, several firms froze a combined $2.54 billion on Thursday, with Circle CEO Jeremy Allaire halting more than $800 million in USD Coin and Tether CEO Paolo Ardoino freezing more than $1.5 billion in USDT.
- As Ether dropped 4.84% and Binance's BNB tumbled 7.68% on Friday, Hyperliquid's HYPE token surged 9.7%, defying the broader market sell-off amid ongoing uncertainty.
- Arkham Intelligence identified nearly $6 billion in assets across 55 wallet addresses potentially linked to the incident, renewing concerns over industry vulnerabilities following major breaches including a roughly $1.5 billion Bybit hack and over $350 million in Bitget losses.
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This could be the biggest crypto theft of all time.
Binance Security Breach Triggers USD 3 Billion Freeze, Deposits and Withdrawals Suspended
Get latest articles and stories on Business at LatestLY. Cryptocurrency exchange Binance has frozen around USD 3 billion in digital assets linked to a potential security breach and temporarily suspended all deposits and withdrawals as it investigates the incident in coordination with law enforcement agencies and industry partners. Business News | Binance Security Breach Triggers USD 3 Billion Freeze, Deposits and Withdrawals Suspended.
RECIT - Nearly $6 billion would have passed from the platform to an unknown computer program, in the space of forty minutes on Thursday night.
(Seoul = Yonhap News) Reporter Lee Seong-han = As rumors spread that Binance, the world's largest cryptocurrency exchange, had been hacked for billions of dollars, the cryptocurrency market plummeted...
This could be the largest cryptocurrency theft in history, and Binance has assured users that their funds are completely safe.
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