Bitcoin dropped below $79,000 on Thursday as reports of a suspected multibillion-dollar hack at Binance, the world’s largest crypto exchange, rippled through markets. 

The selloff followed reports of heavy outflows from Binance-linked wallets. Some social media reports cited suspicious outflows of up to $5.8 billion, citing onchain data that shows about $3.55 billion in incoming transfers to an unlabeled wallet. 

Conor Grogan, a senior director at Coinbase, put the figure at $5.8 billion.

Stablecoin issuers moved to freeze funds. Tether CEO Paolo Ardoino said the company froze more than 1.567 billion USDT. Circle froze about $823 million in USDC, according to former…

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