Binance said late on October 29 that its teams are “aware of reports of a potential security issue and are actively investigating.” The exchange has not confirmed a hack or a loss of funds, and the cause and size of any loss remain unverified.
BINANCE: OUR TEAMS ARE AWARE OF REPORTS OF A POTENTIAL SECURITY ISSUE AND ARE ACTIVELY INVESTIGATING
— Walter Bloomberg (@DeItaone) October 29, 2026
Blockchain data shows large movements from Binance-linked wallets. Estimates of the outflows range from about $2.77 billion to almost $3 billion, though Walter Bloomberg described the hack as unconfirmed. Coindoo verified two transfers on Etherscan: roughly 167,464 ETH and about 1.6 billion USDT from “Binance 14,” and 780 million USDC from “Binance: Hot Wallet 34.” These amounts overlap and should not be added together.
Stablecoin issuers moved quickly. Former Binance CEO Changpeng Zhao wrote that it “does look like a hack on Binance” and thanked Tether (about $971 million) and Circle (about $823 million) for a quick freeze. He added that he no longer manages Binance.com, but as a shareholder he expects all user funds to be fully covered. Another account claimed that $2 billion in USDT and $700 million more by Circle are now frozen, and that more than 80% is already contained. These figures differ and none is confirmed by the issuers.
A total of $2 billion $USDT is now frozen by Tether. Another $700 million has been frozen by Circle. Great accomplishment of everyone in the industry hammering down this hacker, as 80%+ is already taken care of.
— CryptoMichNL (@CryptoMichNL) October 29, 2026
The market reacted. AiTraderView’s liquidation heatmap shows a sharp spike in liquidations as BTC/USDT fell to about $79,500, down 2.26% on the day.
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Sources:
- Coindoo: Binance Hack Fears Shake Crypto, $2.8B Outflows Reported
- CZ on X: statement on the Binance incident
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