Binance Drained of $5.5 Billion in Suspected Major Hack

Binance drained — Binance has suffered a suspected security breach resulting in the loss of approximately $5.57 billion, prompting stablecoin issuers Tether and Circle to freeze a combined $1.8 billion in assets linked to the incident.

The massive outflow was tracked across three blockchains, according to an on-chain tally reported by Decrypt. The scale of the suspected hack represents one of the largest potential security breaches in cryptocurrency history.

In a swift response to the incident, Tether and Circle, the issuers of USDT and USDC respectively, moved to freeze a total of $1.8 billion in their stablecoins. This action is a standard emergency measure to prevent the movement of funds potentially stolen from the exchange.

The event has sent shockwaves through the crypto market, with Binance’s native token, BNB, experiencing significant downward pressure. The full scope of the breach and its impact on user funds remains under investigation by the exchange.