Binance, the largest crypto exchange in holdings, is hacked. Safety measures are being carried out now and stolen funds are being freezed. The founder and shareholder of Binance, Changpeng Zhao has also confirmed the hack. Binance is currently investigating the incident.
Our team is conducting security checks. Withdrawals will resume as soon as the security issue is fully resolved.
User funds remain safe.
We’ll keep you updated. Thank you for your patience. https://t.co/7NuxbZwE3M
— Binance (@binance) October 29, 2026
Blockchain data shows billions of dollars in cryptocurrencies moving from Binance hot wallets. The total is around $5.3 as per the available data so far. Binance holds $144 billion in total so the loss is approximately 3.68%. This is the largest crypto exchange so far in terms of assets loss.
Binance Investigates Suspicious Wallet Transfers
Analysts began flagging the activity around 20:24 UTC. Wallets identified as belonging to Binance, including addresses labeled Binance 14, reportedly transferred substantial amounts of $ETH, $USDT, $USDC, and other tokens to newly created addresses. Other tokens include $PEPE, $UNI, $LINK, $ONDO and more.
Some receiving addresses had reportedly received funds through Tornado Cash, a cryptocurrency mixing service. However, this connection alone does not establish how the incident occurred or confirm who was responsible.
Binance has officially acknowledged reports of a potential security issue and said its team was conducting checks. The exchange stated that withdrawals will resume once the issue had been resolved and maintained that user funds remained safe. It also warned users to remain cautious of scams while the investigation continued.
Tether and Circle Freeze Billions in Stablecoins
Tether and Circle, the issuers of the top 2 stablecoins ($USDT and $USDC) are restricting access to stablecoins linked to the suspected breach. Tether CEO Paolo Ardoino said the company had frozen $USDT associated with the incident. The reported amount ranges from $971 million to approximately $1.567 billion. Circle has reportedly frozen around $823 million in USDC so far.
We are aware of differing figures circulating publicly regarding the amount frozen, including references to $1.8 billion.
For clarity, the current verified total frozen is $2.54 billion. This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets.
We will only share confirmed figures and will provide further updates as more verified information becomes available.
— Binance (@binance) October 29, 2026
Combined freezes were estimated at roughly $1.8 billion to more than $2.1 billion (the total reported loss is $5.3 billion so far. Some ETH and other assets had reportedly moved onward before the restrictions took effect.
The reports triggered volatility across cryptocurrency markets. Liquidations reportedly exceeded $628 million within an hour. Bitcoin fell below $79,000, while Ethereum declined by more than 4% during the initial reaction. BNB also faced significant selling pressure. As of late October 29, Binance continues to emphasize that user funds remain safe.