Analysts react as Binance freezes assets after US$6.3bil security breach
Binance says it has worked with partners to freeze the affected assets, with about US$3 billion located so far, while the remaining US$3.3 billion has yet to be accounted for.
Binance, the world's largest cryptocurrency exchange, experienced a major security breach that led to an estimated US$6.3 billion in losses. The exchange froze affected assets, with about US$3 billion recovered so far. The hack caused crypto prices to drop, with Bitcoin reaching a six-week low of US$76,469.82 and Ether falling more than 3% to US$2,185.83.
Analysts expressed concern over the potential liquidity impact and the possibility that the incident could rank among the largest security breaches in crypto history. Some investors anticipate a shift towards decentralised exchanges and a reevaluation of the security of crypto exchanges.
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