Binance Suspected of Suffering Over $5B Hack as Tether, Circle Freeze Assets
Highlights
- Binance is suspected to have been hacked of more than $5 billion.
- The exchange said it is investigating the incident.
- Tether and Circle have frozen USDT and USDC assets that were transferred in the suspected 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. The exchange said it is investigating the incident but has not yet provided details on what happened.
Binance Appears to Suffer Hack of Over $5 Billion
According to Arkham data, the hacker appears to have stolen over $5.6 billion from the exchange’s wallets. The largest of these coins is USDT, which is worth nearly $1.6 billion. Other coins include Bitcoin, Ethereum, USDC, Tron, and RLUSD.
Binance confirmed in an X post that its team was aware of reports of a potential security issue and was actively investigating. “User funds are completely safe,” the top crypto exchange assured. It also mentioned that it will provide more updates once the security teams are done reviewing all relevant information.
Binance’s founder Changpeng “CZ” Zhao also said that the exchange appears to have been hacked. “It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m),” CZ said in an X post. He also mentioned that users’ funds are safe despite this.
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don’t manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
— CZ 🔶 BNB (@cz_binance) October 29, 2026
Meanwhile, Tether and Circle confirmed they froze the stolen USDT and USDC assets, worth $1.567 billion and $800 million, respectively. It is worth noting that the hack comes on the same day that crypto prediction market platform Polymarket suffered a security incident, in which some users’ funds were drained.
It also comes just over a month after fellow crypto exchange Bitget suffered an exploit of nearly $400 million. If confirmed, the Binance hack could become the largest crypto hack to date, surpassing the $3.5 billion LuBian hack in 2020 and the $1.5 billion Bybit hack in 2025.
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