Binance Hack Rumor Sinks Crypto Market, Wipes Out Longs

This is a developing story and will be updated as more information becomes available. Update (23:30 EET): Binance founder Changpeng Zhao said the transfers do look like a hack on Binance and that user funds are safe, while Tether and Circle froze about $971 million in USDT and $823 million in USDC linked to the incident. Binance itself has not yet issued an official statement. Binance founder Changpeng Zhao said the outflows look like a hack, as Tether and Circle froze linked stablecoins. Long positions took almost all of the forced liquidations, most of them within a single hour.