Binance Investigates Potential Crypto Security Breach as Suspected Outflows Reach $5.6 Billion

by · Greek City Times

Binance is investigating a potential security incident after blockchain tracking data indicated that approximately $5.6 billion in cryptocurrency had moved from wallets linked to the exchange across Ethereum, Bitcoin and Tron.

The reported outflows have prompted major stablecoin issuers Tether and Circle to freeze billions of dollars in assets believed to be connected to the incident.

Binance has not confirmed that customer funds were stolen and says its security teams are investigating the reports. The exchange has maintained that user funds are safe.

According to blockchain monitoring reports, the estimated outflows could make the incident one of the largest cryptocurrency security breaches on record if unauthorised transfers are confirmed.

The reported figures remain subject to verification, and the full extent of the incident has yet to be established.

Source

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