Billions of dollars worth of digital assets left wallets controlled by Binance, the world’s largest cryptocurrency exchange, on Thursday afternoon in New York. Illicit withdrawals began no later than 4:30 p.m., before Binance halted withdrawals around 6 p.m. and officially announced the pause at 6:22 p.m. By 8 p.m., Arkham Intelligence estimated the value of illegitimate withdrawals at more than $5.8 billion, while Binance had declared a loss of $2.54 billion at 7:22 p.m. Stablecoin issuers Tether, Circle, World Liberty Financial and Paxos quickly froze some of their tokens to assist Binance, which promised to reimburse customers who suffered losses. Binance Alpha trading was also suspended during the investigation.
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