Bitcoin slipped to $77,646, its lowest in six weeks, after Binance announced it had frozen $2.54 billion in assets amid a suspected security breach.
Tether’s blockchain intelligence firm reported that nearly $1.57 billion of its stablecoin holdings were frozen, while Circle’s investigations led to an additional $800 million being seized, and Ripple’s senior vice‑president of stablecoins said roughly $200 million of Ripple‑backed assets were locked.
Ethereum fell to $2,238.76, its first two‑month low, and BNB dropped more than 8% to $694 after Binance temporarily suspended trading on its Binance Alpha platform to contain the fallout.
Binance, the world’s largest crypto exchange, counts 300 million registered users and manages $160 billion in assets under custody, according to its 2024 annual report, a figure that underscores the scale of the frozen assets relative to its total balance sheet.
Binance’s co‑founder Yi He announced that the company would cover all hacking losses and that the frozen amount could rise as it works with law‑enforcement, token issuers, and blockchain intelligence partners to trace additional assets.
The incident adds to a string of crypto thefts, including $2.9 billion stolen last year across 150 attacks, and underscores the vulnerability of digital asset platforms, prompting regulators to tighten oversight and investors to reassess risk premiums.
Binance.US and Coinbase confirmed no impact on their operations, while the exchange plans to resume withdrawals once its security checks are complete, a development that could restore confidence in the broader digital‑asset market.