Bitcoin, cryptocurrency prices fall after Binance reports security issue

Cryptocurrency prices fell sharply following reports of a potential multibillion-dollar security issue involving Binance-linked wallets. Cointelegraph reported that blockchain security firm Blockaid identified approximately $3.3 billion in suspicious transfers, while Arkham Intelligence tracked roughly $5.84 billion in assets held by wallets labeled “binance-hacker-1029,” though neither figure is a confirmed theft amount.

Binance stated it is investigating the matter and maintains that user funds are "completely safe," according to CNBC, CNBC World, and Cointelegraph.

The market downturn saw Bitcoin drop to a six-week low of $77,646, according to the New Straits Times, while Cointelegraph reported the asset fell 3.1% to about $78,674. Ether also fell, with the New Straits Times reporting a two-month low of $2,238.76 and Cointelegraph noting a 4% drop to about $2,263. The native token BNB fell over 7%, with the New Straits Times reporting a price of $694 and Cointelegraph reporting it traded near $702.

The New Straits Times reported that Binance has frozen more than US$2.5 billion in assets. Cointelegraph noted that Tether and Circle said they had frozen more than $2.3 billion in stablecoins associated with the incident. The total cryptocurrency market capitalization fell 3.3% to around $2.73 trillion, according to Cointelegraph.

Brief written by urgent.news from New Straits Times, Cointelegraph, CNBC World, CNBC — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.