Binance Drained of $5.5 Billion in Suspected Hack, Tether and Circle Freeze $1.8 Billion

Binance suffered a suspected hack draining $5.57 billion across three blockchains, according to on-chain data. Tether and Circle froze $1.8 billion in response. The incident is one of the largest exchange hacks in history, raising concerns about centralized exchange security and the role of stablecoin issuers in mitigating losses.