Bitcoin whipsaws below $79,000 as Binance hot wallet reportedly drained by Tornado Cash-linked wallet
Summary
Bitcoin fell to an intraday low of $78,297 as Binance investigated reports of a potential security incident. Tether and Circle said they froze about $1.57 billion and $823 million, respectively, linked to the suspected hack. On-chain trackers reported large transfers from Binance-labeled wallets, including ETH and USDC sent to new addresses, but estimates of roughly $2.8 billion across five chains remain unreconciled. Binance has not confirmed a hack. The decline followed broader risk-market weakness, while nearly $1 billion in crypto positions were liquidated over 24 hours.
