Billions of dollars of cryptocurrency may have been stolen in what would be the market’s biggest ever hack, sending the bitcoin market into chaos.

Binance, the world's largest cryptocurrency exchange, said on Thursday it had frozen $3 billion in crypto assets as it investigated a potential security breach. Stablecoin issuers Circle and Tether also froze assets thought to be related to the possible cyber attack.

"Binance will cover all hacking losses," Binance co-founder Yi He said, without providing more details about ⁠the incident.

The market impact of the possible hacking, which could be the largest-ever crypto heist according to analytics firm Chainalysis, was felt immediately in early Asian trading on Friday.

Bitcoin dropped about 2% to a six-week low of $77,646 and ether fell around 2% to a two-month low of $2,238.76.…