Suspected security incident with Binance wallet impacts market, Bitcoin, Ethereum, and BNB fall
Ai Focus
On Thursday, the cryptocurrency market saw a significant decline. Reports of suspicious large transfers from Binance-related wallets caused concern among investors, with BNB falling by more than 7%, and Bitcoin and Ethereum also tumbled accordingly. Blockaid reported detecting about $3.3 billion in suspicious transfers, while Arkham Intelligence traced a wallet labeled “binance-hacker-1029” holding approximately $5.84 billion in assets. However, neither figure represents the confirmed amount stolen. Binance stated that it is investigating the potential security issue and assured users that their funds are “completely safe”; Tether and Circle indicated that over $2.3 billion in stablecoins related to this incident have been frozen.
On Thursday, the cryptocurrency market saw a significant decline. Reports of a potential hacker attack on Binance-related wallets, involving billions of dollars, shocked investors, causing BNB to fall by more than 7% and dragging down the overall market as well.
This round of selling coincided with reports of suspicious transfers from wallets related to Binance. Blockchain security company Blockaid identified approximately $3.3 billion in suspicious transfers; Arkham Intelligence traced that wallets labeled as “binance-hacker-1029” held about $5.84 billion in assets. However, neither of these figures represents the confirmed amount of theft.
According to the data from CoinGecko at the time of publication, BNB Chain's native token BNB traded at $702, experiencing a 7.2% decline over 24 hours. Bitcoin fell by 3.1% to around $78,674; Ethereum dropped by 4% to around $2,263. The total market value of cryptocurrencies decreased by 3.3% to approximately $2.73 trillion; however, 24-hour trading volume increased by nearly 29% to $89.4 billion.
Binance stated that it is investigating a potential security issue and assured that users' funds are "completely safe." Tether and Circle indicate that over $2.3 billion in stablecoins related to this incident have been frozen.
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Binance hack incident may involve key abuse rather than theft: BlockaidBlockaid's Ido Ben - Natan believes that the suspected hacker attack on Binance may involve 'key abuse', meaning that the attackers manipulated the signing system to authorize malicious transactions, rather than directly stealing private keys. Binance has not yet confirmed the specific method of attack, and Arkham CEO Miguel Morel also stated that it is not yet sufficient to draw a conclusion at this time.
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