Update
Binance Hack and Market Response
Binance reported a cyber attack resulting in unauthorized withdrawals of funds. The market cap fell 2.9% to $2.688 trillion. Bitcoin dropped 2.3% to $78,205.91 and Ethereum fell 3.3% to $2,240.94. Binance estimated total losses at about $6.3 billion, with the breach giving attackers access to a service container. Deposits and withdrawals are suspended, and Binance will cover all losses through its SAFU fund and corporate funds. Tether and Circle also froze some USDT and USDC, and the Arbitrum Security Council froze about $30.5 million.