Binance Faces Potential Record Crypto Theft as On-Chain Outflows Exceed $5.5 Billion
Summary
Binance is investigating a suspected security breach after more than $5.5 billion in digital assets were transferred from its wallets to newly created addresses. Tether and Circle froze hundreds of millions of dollars in stablecoins linked to the incident as the crypto market tumbled.
Key Points
- On-chain data indicates that more than $5.57 billion in assets may have been moved from Binance wallets in what could be the largest crypto theft on record.
- Binance has not confirmed a hack, but Changpeng Zhao said the incident appeared to be a hack and that user funds should be safe.
- Tether froze about $975 million to more than $1.5 billion in USDT, while Circle froze about $823 million in USDC linked to the suspected theft.
- The suspected breach triggered sharp declines in Bitcoin, Ether and BNB, along with large liquidations across the crypto market.
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