Breaking: Binance potentially hacked for $2.77 billion

• Binance was likely hacked for $2.77 billion on Thursday.
• On-chain data shows that $2.77 billion moved across five blockchains from addresses labeled as Binance hot wallets to unconfirmed wallets.
• Binance founder and former CEO Changpeng Zhao said that the exchange had likely suffered a hack, but maintained that user funds are safe.

Crypto exchange Binance may have suffered a $2.77 billion hack on Thursday after on-chain data showed funds leaving the exchange's hot wallets across five blockchain networks to unconfirmed addresses.

Binance founder and former CEO Changpeng Zhao noted in an X post that it is likely a hack, but maintained that user funds are safe. Stablecoin issuers Tether and Circle froze $971 million and $873 million worth of stablecoins following the move.

Binance's official X handle also made a similar comment.

"Our teams are aware of reports of a potential security issue and are actively investigating," Binance wrote. "Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information."

The crypto market is declining following the update, with Bitcoin (BTC) and Ethereum (ETH) dropping below $80,000 and $2,300, respectively. The move triggered roughly $600 million in liquidations within 1 hour, according to Coinglass data.

(This is a developing story and will be updated as new information comes to light.)