Crypto Market Crash: BTC, ETH, BNB, & Others Retreat After $5.8B Binance Hack Report
A reported $5.8 billion hack involving Binance has sparked a widespread sell-off across the cryptocurrency market. Bitcoin has retreated 3.3% to $79,083, while Ether has declined by approximately 5% and BNB has dropped 8%. In response to the breach, Circle and Tether have frozen Ethereum saw a decline of over 4%.
Circle and Tether have confirmed the freezing of USDC and USDT tokens connected to the security incident.
The market-wide decline followed the news of the $5.8 billion Binance hack, which pushed the prices of Bitcoin, Ether, BNB, XRP, and Solana downward.
The situation has prompted public commentary from Binance shareholder Changpeng Zhao, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino, Helius CEO Mert Mumtaz, and the X account 0xQuit.
Zhao stated that customer funds were safe and expected full coverage. He also noted that he no longer manages Binance.com.
