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Bitcoin Price Slides Below $79,000 as Binance Loses $5.8 Billion in Massive Hack

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Bitcoin Price Slides Below $79,000 as Binance Loses $5.8 Billion in Massive Hack

Bitcoin Magazine

Bitcoin Price Slides Below $79,000 as Binance Loses $5.8 Billion in Massive Hack

Bitcoin dropped below $79,000 on Thursday as reports of a suspected multibillion-dollar hack at Binance, the world’s largest crypto exchange, rippled through markets. 

The selloff followed reports of heavy outflows from Binance-linked wallets. Some social media reports cited suspicious outflows of up to $5.8 billion, citing onchain data that shows about $3.55 billion in incoming transfers to an unlabeled wallet. 

Conor Grogan, a senior director at Coinbase, put the figure at $5.8 billion.

Stablecoin issuers moved to freeze funds. Tether CEO Paolo Ardoino said the company froze more than 1.567 billion USDT. Circle froze about $823 million in USDC, according to former Binance CEO Changpeng Zhao, who remains a shareholder. 

Combined freezes range from $1.8 billion to $2.4 billion depending on reports. “Protecting the industry and our partners is our main priority,” Ardoino said.

Binance has made no official confirmation of a breach. Co-founder Yi He wrote on X that the company is aware of reports of a potential security issue and that its security teams are reviewing all relevant information. 

“We are aware of reports of a potential security issue and we are actively investigating…our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.”

Zhao wrote that, in his view, the exchange appears to have been hacked, and he expects all user funds to be covered.


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