Key facts
- An estimated $6.3 billion in assets were impacted by a security breach at Binance.
- Approximately $3 billion of the stolen assets have been frozen.
- Bitcoin hit a six-week low of $76,469.82.
- Ether dropped to $2,185.83.
- Coinbase shares fell 4.8% in extended trading.
Binance, the world's largest cryptocurrency exchange, announced a security breach that resulted in an estimated $6.3 billion in losses, potentially marking the largest crypto heist in history. The exchange stated that approximately $3 billion of the affected assets have been frozen through collaboration with partners, but the status of the remaining $3.3 billion is unclear. The incident has led to a decline in cryptocurrency prices, with Bitcoin and Ether experiencing significant drops. Shares of crypto-related companies, including Coinbase Global and Strategy, also fell in extended trading. Analysts expressed concerns about the potential impact on market liquidity and confidence in centralized exchanges, while noting that blockchain transparency is aiding efforts to disrupt the movement of stolen funds. Some analysts believe further price declines are possible until more details emerge and assets are unfrozen.