Suspected Binance Hack Prompts Freezing of Billions in Crypto Assets

Crypto firms froze more than $2.3 billion in assets amid a suspected hack at Binance as Bitcoin tumbled below $80,000.

Binance, the world's largest cryptocurrency exchange, has opened an investigation into a security incident following massive fund transfers from the platform, ynet and Israel National News reported. The company's founder, Changpeng Zhao, assessed that the platform was hacked.

Following the suspicions, cryptocurrency firms and stablecoin issuers Tether and Circle moved to block and freeze assets valued at more than $2.3 billion linked to the suspected breach, as reported by The Straits Times.

The incident triggered widespread alarm across digital asset markets and drove sharp declines, with the price of Bitcoin tumbling below $80,000. Further details regarding the extent of the damage have not yet been released.