Binance pauses withdrawals after suspected multibillion hack
Crypto watchers say at least $2 billion has been drained from the exchange’s hot wallets, and some estimates run as high as $5.7 billion.
30 Oct 2026 0 reads Compiled with AI
Binance said it is investigating a security incident and has temporarily suspended withdrawals on several networks as a precautionary measure. In a statement, the exchange said user funds are safe and its security teams are reviewing all relevant information. Spokesperson Ross O’Leary confirmed the pause. Founder Changpeng Zhao posted on X that the company had likely been hacked and that he expects users’ funds to be fully covered.
How the hack unfolded
On‑chain data shows hackers pulled more than $5.57 billion in tokens across Ethereum, Bitcoin and Tron. The suspicious transfers began when a brand‑new wallet address received 167,000 Ether and 1.615 billion USDT in one quick move. Researchers said the attacker used delegated smart‑contract code to drain Binance’s hot wallets directly.
Circle CEO Jeremy Allaire said his team froze more than 800 million USDC. Tether locked up nearly 975 million USDT. Together, the freezes blocked about $1.8 billion in stolen tokens before the hacker could route them through mixing services. Binance leadership says internal backup funds will make affected traders whole, but the exact loss has not been confirmed.
The news sent markets into turmoil. Binance’s native token BNB fell almost 7 percent toward $699, and Bitcoin dipped below $79,000 as leveraged positions were wiped out. Privacy coin Monero rose about 6 percent as traders moved toward anonymous tokens.