Updated Oct 30, 2026 (UTC). This story is still developing, so check Binance's official channels before relying on any figure.

WHAT HAPPENED

On the evening of Oct 29 (UTC), on-chain data showed billions of dollars in ETH, stablecoins and dozens of other tokens leaving Binance hot wallets in under an hour. Etherscan labeled the receiving addresses as exploiter wallets, and the transfers were triggered by a separate address funded through Tornado Cash.

WHAT IS CONFIRMED

• About $3.3B left two Binance Ethereum hot wallets between roughly 20:24 and 21:04 UTC. Some trackers that count more chains put it higher.

• Binance says it is investigating a security issue, that user funds are completely safe, and that withdrawals are paused until the issue is resolved.

• CZ, who no longer runs Binance, said it looks like a hack and that he expects users to be fully covered.

• Tether, Circle, Ripple and World Liberty froze part of the funds. Binance's own tally put verified frozen funds at about $2.54B, and it may rise.

WHAT IS NOT CONFIRMED

• The real loss. Estimates range from about $1.7B to $5.7B, and some trackers go higher. Binance has not published a figure.

• The cause. One outlet points to EIP-7702, but that is a single-source claim.

• Who is behind it. Nobody has been credibly identified.

• The wording. As of last check, Binance's statements say "potential security issue," not "hack."

MARKET REACTION

At last check on Oct 29 evening (US time), BTC was down about 2.8% near $79K, ETH about 3.6% and BNB about 6.9%. Bybit said it was not affected.

IS MY MONEY SAFE?

Binance says yes. Its SAFU emergency fund holds roughly $1B in bitcoin and covered the 7,000 BTC stolen in 2019. Binance has not said whether it will use SAFU this time. CZ reportedly said the loss after freezes may be a bit above $1B but that it will be covered (single-source report). Until Binance publishes a full statement, "safe" is a promise, not a verified fact.

PROTECT YOURSELF

1. Use official Binance channels only. Expect fake "compensation" and "unlock your funds" messages.

2. Never share seed phrases, 2FA codes or API keys.

3. Review your API keys and turn on anti-phishing protection.

4. Don't trade out of panic. Thin liquidity punishes rushed leverage.

WHAT I'M WATCHING

• Binance's formal confirmation of the cause and the loss

• When withdrawals resume, and on which networks

• Whether SAFU or the balance sheet covers the loss

• How much of the stolen funds can still be frozen

For information only. Not financial advice.