Binance Halts Withdrawals After What Could Be the Largest Hack in Crypto History

TL;DR: Cryptocurrency exchange Binance temporarily paused withdrawals across multiple networks after recording unauthorized outflows estimated between $3.3 billion and $5.8 billion from its hot wallets. Centralized issuers froze more than $2.6 billion in assets linked to the incident, divided among $1.567 billion in USDT, $800 million in USDC, and $200 million in RLUSD. Derivatives market liquidations exceeded $627 million within one hour, with Binance accounting for more than 50% of the recorded forced sales. Binance fell victim this Thursday, October 29, to what multiple industry reports are calling the largest hack recorded to date. Following the incident, the exchange indefinitely halted withdrawals. Our team is conducting security checks. Withdrawals will resume as soon as the security issue is fully resolved. User funds remain safe. We’ll keep you updated.

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