Written by: BigTime
Key takeaways: Binance suspended withdrawals for about 56 hours, while spot and futures trading continued as usual. Users could still buy and sell, but funds and holdings in their accounts could not be transferred to other venues through withdrawals. A week after the incident, Binance’s share of spot trading volume among the top ten exchanges fell from about 48% to about 42%, while OKX’s rose from about 11% to about 14%. Meanwhile, hackers rushed to swap tokens, incurring about $119 million in execution losses, while traders and arbitrageurs made about $60 million after costs.
After withdrawals resumed, funds flowing to other centralized exchanges accounted for about one-tenth of the withdrawal volume. Hyperliquid’s daily net inflow was also less than one-tenth of Binance’s net outflow. When assessing these changes, market makers also need to consider the counterparty risk posed by balances remaining on exchanges. On the evening of October 29, 2026 (UTC), Binance’s hot wallet was hacked, with Binance initially estimating that about $6.3 billion was affected. Over the following two days, a popular narrative emerged: Binance had suspended withdrawals, sending liquidity to Hyperliquid and other exchanges.
Self-check: If you have authorized any related contracts, check and revoke those approvals as soon as possible.
$HYPE $ETH $BTC #安全事件
Key takeaways: Binance suspended withdrawals for about 56 hours, while spot and futures trading continued as usual. Users could still buy and sell, but funds and holdings in their accounts could not be transferred to other venues through withdrawals. A week after the incident, Binance’s share of spot trading volume among the top ten exchanges fell from about 48% to about 42%, while OKX’s rose from about 11% to about 14%. Meanwhile, hackers rushed to swap tokens, incurring about $119 million in execution losses, while traders and arbitrageurs made about $60 million after costs.
After withdrawals resumed, funds flowing to other centralized exchanges accounted for about one-tenth of the withdrawal volume. Hyperliquid’s daily net inflow was also less than one-tenth of Binance’s net outflow. When assessing these changes, market makers also need to consider the counterparty risk posed by balances remaining on exchanges. On the evening of October 29, 2026 (UTC), Binance’s hot wallet was hacked, with Binance initially estimating that about $6.3 billion was affected. Over the following two days, a popular narrative emerged: Binance had suspended withdrawals, sending liquidity to Hyperliquid and other exchanges.
Self-check: If you have authorized any related contracts, check and revoke those approvals as soon as possible.
$HYPE $ETH $BTC #安全事件
