Binance Freezes About $3 Billion After Suspected Hack; Bitcoin Falls Below $79,000

Binance, the world's largest cryptocurrency exchange, said it froze roughly $3 billion in assets while investigating what it described as a suspected large-scale hack. Bitcoin fell 3.7% below $79,000, a low not seen since September, as the disclosure triggered broad selling across digital assets on Thursday afternoon. More than $5.7 billion flowed out of Binance user wallets at one point, the exchange said, adding it has suspended withdrawals and Binance Alpha trading. It said user funds have not been confirmed as affected and that asset safety is its priority, and it is working with law enforcement, token issuers, blockchain intelligence firms and industry partners to trace the funds. Co-founder Changpeng Zhao said on X the exchange "appears to have been hacked" and that users would be fully reimbursed if losses are confirmed. Blockchain tracker Arkham identified wallets linked to the suspected hackers holding about $5.9 billion, though that figure does not equal the amount stolen. Analysts estimate potential losses at $1.7 billion to $5.7 billion. A Binance spokesperson said circulating figures, including $1.8 billion, are not confirmed.