Bitcoin Price Slides Below $79,000 as Binance Drops $5.8 Billion in Large Hack
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Bitcoin price fell below $79,000 as reports of a suspected Binance hack, with outflows of up to $5.8 billion, prompted Tether and Circle to freeze roughly $1.8 to $2.4 billion in stablecoins.
Key facts
Bitcoin is trading at $78,800, down 2.89% (about $2,350) over the past 24 hours
Bitcoin price fell below $79,000 as reports of a suspected Binance hack, with outflows of up to $5.8 billion, prompted Tether and Circle to freeze roughly $1.8 to $2.4 billion in stablecoins
The price hit a 24-hour high of $81,890 around midday before sliding sharply after 4 p.m
Combined freezes range from $1.8 billion to $2.4 billion depending on reports
Summary
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. Conor Grogan, a senior director at Coinbase, put the figure at $5.8 billion. Stablecoin issuers moved to freeze funds. Combined freezes range from $1.8 billion to $2.4 billion depending on reports.