Binance investigating hack as suspicious outflows reach up to $5.8 billion
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Binance, the world's largest cryptocurrency exchange, appears to have suffered a major hack.
Key facts
Onchain data flagged by analyst Spreek shows about $3.55 billion in incoming transfers to the unlabeled wallet, with nearly $900 million subsequently moved across other wallets
Onchain data showed Tether and Circle froze a combined $1.79 billion in USDT and USDC held in a wallet that received billions of dollars in transfers from Binance hot wallets
Blockaid said it is investigating approximately $3.3 billion in suspicious outflows from Binance hot wallets across Ethereum, Arbitrum, and Avalanche
The BNB token was down more than 5.5% at publication time
Summary
Onchain data flagged by analyst Spreek shows about $3.55 billion in incoming transfers to the unlabeled wallet, with nearly $900 million subsequently moved across other wallets. While Binance has not publicly confirmed a breach, co-founder and Chief Customer Service Officer Yi He said the firm is actively investigating. "The team are aware of reports of a potential security issue and they are actively investigating. Later Thursday night, He said users' funds are safe and that Binance will cover all hacking-related losses.