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Binance suspected of large-scale hack, with capital outflows reaching $5.8 billion, Bitcoin drops below $79,000
Binance has reportedly suffered a massive hack, resulting in outflows of up to $5.8 billion and causing market turmoil, according to Bitcoin Magazine. Following this, Bitcoin's price dropped below $79,000 on Thursday. Tether and Circle have frozen approximately $1.8 billion to $2.4 billion in stablecoins. Binance co-founder Yi He stated that the company is investigating potential security issues, while former CEO Changpeng Zhao (CZ) believes the exchange may have been attacked but expects all user funds to be fully covered. If confirmed, this would be the largest theft in crypto history.
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