Alleged security issue at Binance and decision to freeze 2.5 billion dollars trigger sharp drop in crypto

Following Binance reporting a potential security issue and announcing that over 2.5 billion dollars in assets were frozen, a sharp decline occurred in Bitcoin and crypto assets.

Binance's announcement that a potential security issue had been detected and that over 2.5 billion dollars in assets were frozen triggered selling pressure in cryptocurrency markets. Along with the development based in Singapore, Bitcoin fell to 77,646 dollars, seeing its lowest level in the last six weeks. Ether, the market's second-largest crypto asset, dropped to 2,238 dollars, reaching a two-month low.

According to CoinGecko data, BNB, used for fee payments on the Binance platform, lost over 8 percent in value in the last 24 hours, falling to 694 dollars. Meanwhile, a statement from Binance TR noted that all user assets were secure and services on the platform continued without interruption, stating that security processes were being carried out meticulously.