On Thursday, the cryptocurrency market saw a significant decline. Reports of a potential hacker attack on Binance-related wallets, involving billions of dollars, shocked investors, causing BNB to fall by more than 7% and dragging down the overall market as well.

This round of selling coincided with reports of suspicious transfers from wallets related to Binance. Blockchain security company Blockaid identified approximately $3.3 billion in suspicious transfers; Arkham Intelligence traced that wallets labeled as “binance-hacker-1029” held about $5.84 billion in assets. However, neither of these figures represents the confirmed amount of theft.

According to the data from CoinGecko at the time of publication, BNB Chain's native token BNB traded at $702, experiencing a 7.2% decline over 24 hours. Bitcoin fell by 3.1% to around $78,674; Ethereum dropped by 4% to around $2,263. The total market value of cryptocurrencies decreased by 3.3% to approximately $2.73 trillion; however, 24-hour trading volume increased by nearly 29% to $89.4 billion.

Binance stated that it is investigating a potential security issue and assured that users' funds are "completely safe." Tether and Circle indicate that over $2.3 billion in stablecoins related to this incident have been frozen.