World’s largest crypto exchange investigating reports of potential hack
Binance, the world's largest cryptocurrency exchange, is investigating reports of a potential security breach as its founder confirmed the incident "does look like a hack on Binance".
The cryptocurrency exchange made the announcement on Thursday, though it had not explicitly confirmed that funds had been stolen. Stablecoin providers Tether and Circle each said they froze funds Thursday evening in response to the incident, with Circle's CEO Jeremy Allaire stating they had frozen more than $800 million in coordination with law enforcement.
Paolo Ardoino, the CEO of Tether, revealed his company froze the equivalent of more than $1.5 billion in currency related to "a potential Binance exchange hack." The price of bitcoin dropped 3.2% Thursday afternoon to under $79,000 following the news.
User funds safety
Despite the security concerns, Binance moved to reassure customers about the safety of their assets. The company's security teams are reviewing all relevant information with urgency.
Rest assured that user funds are completely safe.
Binance pledged to provide updates through official channels as soon as verified information becomes available. The exchange has not disclosed the full extent of the potential breach or when it might complete its investigation.
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