Binance investigates suspected multibillion-dollar hack as crypto prices fall

World · First reported 29 Oct, 21:12 · Updated 21:40

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Binance is investigating a suspected hack involving billions of dollars in funds. Coverage also reports emergency asset freezes and falling crypto prices, including a 6% drop in BNB over an hour.

Axios reports that users saw upwards of $5.7 billion drained from wallets on Thursday afternoon, and describes the incident as a possible record-setting crypto hack.
Bloomberg says Binance executives were investigating the suspected hack and that emergency asset freezes followed.
CoinDesk reports that crypto prices were sliding, with BNB down 6% in the preceding hour.
Bloomberg also reports that digital-asset prices tumbled following the suspected hack.

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Key facts

Reported amount: Users saw upwards of $5.7 billion drained from wallets, according to Axios.
Timing: Thursday afternoon, according to Axios.
BNB movement: Down 6% in the last hour, according to CoinDesk.
Reported response: Emergency asset freezes and an investigation by Binance executives, according to Bloomberg.