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.
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