Major Cryptocurrency Exchange Binance Hit by Cyber Attack

Binance, the world's largest cryptocurrency exchange, suspended all deposit and withdrawal operations on Friday following a major cyber attack. The platform announced that it had frozen approximately $3 billion in digital assets, with the total amount potentially rising. The incident led to a significant drop in cryptocurrency prices, including Bitcoin, which fell below $77,000.

The exchange confirmed that the freeze was a precautionary measure to allow for a comprehensive security investigation. Binance assured users that its technical teams were working around the clock to address the issue and cover all losses resulting from the incident. The platform also stated that it was coordinating with law enforcement agencies to trace and recover the potentially stolen funds.

The initial freeze amounted to $2.54 billion, with indications that the total could increase. Binance's Alpha service, which facilitates trading, was also temporarily halted. Changpeng Zhao, the founder and largest shareholder of Binance, suggested that the platform had been hacked, but expressed confidence in the full protection of users' funds.

The cyber attack triggered a widespread sell-off in cryptocurrency markets, with Bitcoin and other digital currencies experiencing sharp declines. The broader market downturn was exacerbated by pressures from the technology sector and stock markets.