Binance Hack: Exchange Investigates as Tether and Circle Freeze $2.3 Billion
Security researchers tracked up to $5.84 billion in suspicious transfers, while Binance says user funds are safe and its investigation is ongoing.
Key Takeaways
- Binance is investigating a suspected hack after billions of dollars left wallets linked to the exchange on October 29, 2026.
- Blockchain security firm Blockaid counted about $3.3 billion in suspicious transfers, and Arkham Intelligence tracked about $5.84 billion in wallets labeled binance-hacker-1029.
- Tether and Circle have frozen more than $2.3 billion in stablecoins connected to the transfers.
- BNB fell about 9% over 24 hours, the steepest drop among major cryptocurrencies.
The suspected Binance hack came to light on October 29, 2026, when blockchain trackers flagged billions of dollars moving out of wallets linked to the exchange. Security firm Blockaid counted about $3.3 billion in suspicious transfers, and Tether and Circle have frozen more than $2.3 billion in stablecoins connected to the incident.
How the Binance Hack Unfolded
The first alerts came on October 29, when researchers flagged large, rapid outflows from Binance-linked wallets across several blockchains. Blockchain security firm Blockaid identified roughly $3.3 billion in suspicious transfers, according to Cointelegraph. Arkham Intelligence tracked about $5.84 billion sitting in wallets it labeled "binance-hacker-1029". Neither figure is a confirmed theft total.
Binance said it was aware of a potential security issue and was investigating, and that user funds were "completely safe". Founder Changpeng Zhao wrote that it "does look like a hack" on Binance, that user funds are safe, and that he expects all user funds will be fully covered.
Tether and Circle Freeze Over $2.3 Billion
Tether and Circle said they had frozen more than $2.3 billion in stablecoins associated with the transfers. The two issuers control USDT and USDC, the dollar tokens that dominate crypto trading pairs, and their freezes limit how much of the moved funds can be converted or cashed out.
BNB Leads the Market Lower
Binance is one of the largest centralized exchanges in crypto, and BNB (BNB) took the brunt of the selloff. The token fell about 9% in 24 hours to about $692 on October 30, the steepest drop among major cryptocurrencies, according to Coinranking data. Bitcoin fell about 4.7% and Ether about 6% over the same window. BNB is the native asset of the BNB Chain ecosystem and trades on exchanges worldwide. Traders can follow the move on the BNB price chart.
What Happens Next
Binance has not published a final loss figure, and its investigation is ongoing. The frozen stablecoins cannot move without the issuers, while on-chain researchers continue to track the wallets involved.
Frequently Asked Questions
Was Binance Hacked?
Binance says it is investigating a potential security issue and has not confirmed a breach. Founder Changpeng Zhao said it does look like a hack and that user funds are safe.
How Much Was Stolen in the Binance Hack?
No confirmed total exists. Blockaid counted about $3.3 billion in suspicious transfers and Arkham tracked about $5.84 billion in wallets labeled binance-hacker-1029, while over $2.3 billion has been frozen.
Are Binance User Funds Safe?
Binance said user funds are completely safe, and Changpeng Zhao said he expects all user funds will be fully covered.
How Did BNB React to the Binance Hack?
BNB fell about 9% over the 24 hours after the reports, making it the worst-hit major cryptocurrency.
Sources
- CZ says it does look like a hack on Binance, user funds are safe · Changpeng Zhao (@cz_binance) on X
- Binance hack rattles crypto markets as BNB falls 7%, Bitcoin slides · Cointelegraph
- Potential Multi-Billion-Dollar Binance Hack Is Hitting Crypto Markets · CoinDesk
Prices and market data: Coinranking.
