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Crypto worth billions frozen after suspected Binance hack
· Confirmed
In Short: However, the BBC noted that Binance has not specified how much was potentially stolen, while crypto experts estimated the figure at over $5 billion.
Binance, the world's largest cryptocurrency trading platform, said on Thursday that it has frozen digital assets worth around $3 billion to prevent them from being stolen while it investigates a security issue, according to the BBC.
Glassnode, a digital asset advisory firm, estimated the hack concerns a total of $5.3 billion in crypto, according to the BBC. TechCrunch reported that Binance may have lost upwards of $5.7 billion in crypto, though the numbers have not been confirmed and it's possible that the theft is ongoing.
The Canberra Times and TechCrunch both reported that Binance has not confirmed its exchange has been hacked but said it is aware of the “potential security issue and is actively investigating.” The BBC and The Canberra Times agreed that Binance has not confirmed the hack but is investigating a potential security breach.
The Canberra Times reported that Binance has more than $160 billion in assets under custody. Binance said it is working around the clock and will share a full post-mortem once the investigation is complete, adding that users' funds are safe.
The Canberra Times and TechCrunch both reported that Binance temporarily halted deposits and withdrawals while investigating a possible security breach. The Canberra Times noted that Binance said the amount frozen could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence firms, and other industry partners to trace and freeze additional assets.
The Canberra Times reported that Binance was founded in 2017 by Zhao, who in 2023 pleaded guilty to a felony related to his failure to prevent money laundering on the platform and stepped down as CEO.
The Canberra Times and TechCrunch both reported that Tether froze around $1.6 billion in its USDT currency, and Circle froze some $800 million-worth of USDC.
The Canberra Times and TechCrunch agreed that Binance's security teams are reviewing all relevant information with urgency and will provide updates through official Binance channels as soon as they have verified information.
The Canberra Times and TechCrunch both reported that Binance has confirmed it is dealing with a security incident as users reported that funds were being drained from the crypto exchange’s wallets.
The Canberra Times and TechCrunch both reported that Binance said the amount of funds frozen may continue to increase as its teams work closely with law enforcement and other partners to trace and seize additional assets.
The Canberra Times and TechCrunch both reported that the security incident concerns Binance.com, while much smaller crypto platform Binance.US, which provides trading services specifically for American residents, said its platform is not affected by the issue.
The Canberra Times and TechCrunch both reported that protecting the industry and its partners is Binance's main priority.
What's confirmed
- Binance's former boss Changpeng Zhao, who is also known as CZ, said the incident looked like hack Circle chief executive Jeremy Allaire said his firm is "closely tracking reports of a potential exploit involving Binance" and that his company has frozen more than $800m in assets linked to the incident.
- Tether CEO Paolo Ardoino said his firm has frozen around $1.6bn "related to a potential Binance exchange hack."
- Top crypto exchange Binance is suspected of having been hacked for more than $5 billion, according to data from the on-chain intelligence platform Arkham.
- Binance has not confirmed that its platform was hacked, but acknowledged reports of a possible security incident and said an investigation was underway.
- BNB has bounced off its low and bitcoin is steady near $78,800, which suggests traders see the freezes and CZ’s pledge as limiting the damage to Binance itself.
- Binance said the amount of funds frozen may continue to increase as its teams work closely with law enforcement and other partners to trace and seize additional assets.
- Binance is the world's largest crypto exchange by daily trading volumes.
- Binance said it was conducting security checks and would resume withdrawals once the issue was fully resolved.
- Binance Investigates Possible Hack, Crypto Firms Freeze $2.5 Billion In Funds Binance, the world's largest cryptocurrency exchange, said on Thursday that it is investigating reports of a possible security breach.
What's still developing
- A Binance-labeled wallet moved 167,464 ETH + 63 tokens, including 1.615B USDT, just 3m24s after a signed delegation was installed.
- The cryptocurrency exchange Binance mobilized an urgent and wide-reaching response Thursday to what it called a “security issue,” after a series of very large transfers on the platform raised fears that it had been hacked.
- Binance Investigates Suspicious Crypto Transfers Worth Up to $5.8 Billion US Probes Suspected Hack Behind Military Base Freezer Failures 484,142 Exposed Cloud Buckets Contain 18 Billion Files U.S.
- The news of the possible hack sent Bitcoin's value tumbling by 3.2 percent on Thursday evening, dropping below $79,000.
- The cryprocurrency exchange Binance is investigating a suspected hack after billions of dollars moved from wallets associated with the exchange on October 29, 2026.
- Binance co-founder Yi He later disclosed that Ripple, the cryptocurrency company associated with XRP and RLUSD, had helped prevent the movement of another $200 million in funds potentially linked to the suspected attack.
- Binance spent October 29 telling customers it was looking into a “potential security issue” while stablecoin issuers froze billions of dollars across the market.
- Jeremy Allaire, Circle’s co-founder and chief executive, said the company “had frozen the equivalent of more than $800 million in currency associated with the incident in coordination with law enforcement,” as quoted by WPXI.
- BNB, Binance’s own token used for trading-fee discounts and fees on its affiliated BNB Chain, fell from about $739 to a low near $692 before recovering to about $704 by 22:15 GMT, CryptoTicker data showed.