Binance, the top global cryptocurrency trading platform, seems to have experienced a massive security compromise.
Blockchain metrics highlighted by investigator Spreek reveal approximately $3.55 billion entering an unidentified wallet, with roughly $900 million swiftly dispersed to separate addresses. Coinbase senior director and product head Conor Grogan states the total figure climbs as high as $5.8 billion.
Although Binance has not formally acknowledged a cyberattack, co-founder and Chief Customer Service Officer Yi He stated that the company is currently looking into the matter.
“We are aware of reports of a potential security issue and we are actively investigating.” He posted in a statement on X. “Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.”
Former chief executive Changpeng Zhao affirmed that customer assets are secure and anticipates complete reimbursement, while praising Tether and Circle for rapidly locking down the assets.
“I don’t manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered,” Zhao posted on X.
On-chain tracking indicated that Tether and Circle locked a total of $1.79 billion worth of USDT and USDC located inside an address that took in billions in transfers originating from Binance hot wallets. Subsequently, Tether chief executive Paolo Ardoino noted that the stablecoin issuer locked in excess of 1.567 billion USDT.
“Protecting the industry and our partners is our main priority,” Ardoino said. “Stay safe everyone.”
Blockaid reported it is examining around $3.3 billion in abnormal withdrawals leaving Binance hot wallets across the Ethereum, Arbitrum, and Avalanche networks.
Aave suspended borrowing pools to stop the Binance attacker from taking out loans, according to blockchain records. The platform has not issued an official announcement.
The BNB token dropped past 5.5% at the time of writing.
This is a developing story.
Originally published at https://www.theblock.co/news/markets/2026-10-29-binance-investigating-hack-suspicious-outflows-5-billion-432171.
