Binance faces reports of a suspected hack involving outflows of up to $5.8 billion, but Binance has not officially confirmed a breach. Bitcoin fell below $79,000 on Thursday as the reports circulated. Binance co-founder Yi He said security teams were urgently investigating a potential security issue. Tether CEO Paolo Ardoino said Tether froze more than 1.567 billion USDT. Former Binance CEO and shareholder Changpeng Zhao said Binance appears to have been hacked and expects all user funds to be fully covered.