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Billions potentially stolen in hack of world’s largest crypto exchange Binance

Binance has suspended some trading activities and frozen over 2.5 billion dollars in assets following a suspected major cyberattack. While the company claims user funds are safe, stablecoin issuers Tether and Circle have also intervened, causing a notable drop in the value of Bitcoin and Ethereum.

Binance, the world's largest cryptocurrency exchange, has allegedly suffered a major hack, prompting an emergency response to protect assets. The company reports that over 2.5 billion dollars in digital currency has been frozen to prevent theft, leading to a temporary suspension of trading for certain products. While Binance insists that user funds remain secure, experts suspect that significant amounts of cryptocurrency may have already been stolen. Co-founder and former executive Changpeng Zhao has acknowledged the suspected breach on social media. Stablecoin issuers Tether and Circle have collectively blocked approximately 2.4 billion dollars in assets to mitigate potential losses. Following the announcement, the broader cryptocurrency market experienced a notable decline, with Bitcoin falling over four percent to drop below 78,000 dollars, and Ethereum also seeing a significant decrease in value. Investors and analysts continue to monitor the situation as the exact scale of the potential theft remains under investigation.

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Based on reporting by ad. Translated and condensed by LocalHeadlines.

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