Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitcoin (BTC-USD) prices tumbled 3% to hover near $77,000 on Thursday night after Binance, the world’s largest cryptocurrency exchange, confirmed it froze billions in digital assets as it investigated what could be the biggest crypto hack in history.
“The estimated total impact sits at around $6.3B,” said Binance on X. “We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.”
Binance said it “will cover all losses” from its Secure Asset Fund for users and company reserves.
“User funds are safe,” said the exchange, adding that it temporarily suspended deposits and withdrawals while security checks are completed.
(BTC-USD)
Go deeper with AlphaSpace
77,536.32-2,649.28(-3.30%)
As of 10:39:19 AM UTC. Market Open.
The frozen assets also included stablecoins. Tether CEO Paolo Ardoino said on X that the stablecoin issuer “froze more than 1.567B USDT related to a potential Binance exchange hack.”
Circle (CRCL) CEO Jeremy Allaire said: “In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.”
Alt coins across the board also tumbled on Thursday, led by Ether (ETH-USD), which dropped 4% to around $2,200. Binance’s native token, BNB (BND-USD), also plunged by more than 6%.
Crypto-related stocks were set to open lower on Friday, including digital-asset Treasury giant Strategy (MSTR), trading platforms Coinbase (COIN) and Robinhood (HOOD). Shares of Circle also declined.
(COIN)
Go deeper with AlphaSpace
160.59-1.73(-1.07%)
At close: October 29 at 4:00:01 PM EDT
153.00-7.59(-4.73%)
Pre-Market: 6:37:55 AM EDT
COINMSTRHOOD
“This is likely the largest crypto hack on record, but the key distinction is that it does not currently appear to be a solvency event for Binance,” said Fundstrat’s head of digital assets Sean Farrell.
“That meaningfully reduces the risk of a negative feedback loop involving withdrawals, forced selling, tighter credit, and broader deleveraging,” he added.
Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
Source: finance.yahoo.com