Hacking News
BNB drops over 8% after Binance reports multi‑billion dollar security breach
BNB fell more than 8% toward $694 after Binance reported a security breach that allegedly moved $6.3 billion out of its hot wallets. The incident has been linked to a hot‑wallet exploit that is estimated to have caused losses ranging from $2.8 billion to $5.9 billion. The price drop also broke the $700 support level and raised the prospect of testing $650. About $3 billion of the stolen funds were reported as frozen. Despite the decline, Binance’s network revenue increased while user activity and numbers fell.