Binance Confirms Major Hack With Over $2.5 Billion Frozen by Authorities

Cryptocurrency exchange Binance confirmed it suffered a major hack, stating that more than $2.5 billion in funds have been frozen to prevent massive theft.

Blockchain analytics firm Chainalysis estimated the stolen amount at approximately $5.912 billion at the time of theft, surpassing the previous record cyberattack on Bybit.

Following the news, major cryptocurrencies dropped, with Bitcoin losing nearly 5%, Ethereum falling nearly 6%, and BNB tumbling nearly 10% around 0025 GMT.