Billions of dollars’ worth of cryptocurrency left Binance wallets, according to onchain data and analysts, but Binance has not confirmed a hack or provided an official loss figure. Binance said it was investigating reports of a “potential security issue.” Founder and former CEO Changpeng Zhao said it “does look like a hack” and that user funds were safe.
Analysts estimated that roughly $2.5 billion to more than $3 billion had been drained. Zhao said about $971 million in USDT and $823 million in USDC had been frozen; Tether’s CEO later said the company had frozen more than 1.567 billion USDT related to a potential Binance hack.
