Binance wallets drained of $5.57 billion in suspected hack, Tether and Circle freeze $1.8 billion
At least $5.57 billion left Binance-linked wallets across Ethereum, Bitcoin and Tron on Thursday, in what appears to be the largest crypto hack on record. Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving wallet, bringing total frozen assets to about $1.8 billion. Bitcoin fell below $79,000 and BNB dropped about 7% as the market reacted.
This incident represents a major security breach at the world's largest cryptocurrency exchange, with nearly $5.6 billion in assets potentially stolen. The simultaneous freezing of $1.8 billion in stablecoins by Tether and Circle highlights the industry's response mechanisms, while the market's immediate price reaction underscores the event's impact on crypto market confidence.
Source: Decrypt · decrypt.co