Crypto exchange Binance freezes assets after $6.3 billion security breach

Dawn reported that Binance is investigating a security breach with an estimated impact of $6.3 billion, while the exchange and its partners have frozen about $3 billion so far. Co-founder Yi He said Binance would cover the hacking losses, and the company temporarily suspended deposits and withdrawals while teams secure its systems and trace assets.

Bitcoin fell more than 3 per cent to $76,368 and ether lost more than 3 per cent to $2,178 in early Asian trading; BNB was down 5 per cent over 24 hours. Coinbase shares dropped 4.8 per cent and Strategy shares fell nearly 6 per cent in extended US trading. Tether, Circle and Ripple also reported freezing funds connected to the incident, which analysts said could deepen concerns about risks on crypto exchanges.