🚨Here’s what happened with the reported ~$3.5 billion outflow from
#BinanceWallets .
On October 29, 2026 (around 20:24–21:04 UTC), large amounts of crypto left wallets that Etherscan and on-chain trackers label as Binance hot wallets. The core of the movement on
$ETH alone was roughly $3.3–3.5 billion, including:
- ~167,000–197,000 ETH
- ~1.6 billion+ USDT
- ~780–823 million USDC
- Dozens of other tokens
Some broader tallies that include
$BTC and
$TRX push the total toward $5.5–5.8 billion.
❔How it appears to have occurred ?
On-chain analysis points to a sophisticated exploit rather than normal user withdrawals:
1. An attacker address (funded earlier through Tornado Cash) deployed a malicious smart contract.
2. Using EIP-7702 (Ethereum’s account-delegation feature), the attacker gained temporary control of Binance hot wallets (notably the one labeled “Binance 14”).
3. Within minutes, the compromised wallets executed large multi-token transfers to a newly created address.
4. Some of the funds were quickly moved onward; Tether and Circle responded by freezing roughly $1.8–2.5 billion in stablecoins tied to the receiving addresses.
Binance has stated that, user funds remain completely safe, is investigating a “potential security issue,” and temporarily paused withdrawals.
#ChangpengZhao (CZ) publicly said the activity “does look like a hack” and that he expects any losses to be covered.
This was not a routine outflow of customer funds. It was a rapid, targeted drain of hot-wallet assets via a smart-contract/delegation exploit, with a significant portion of the stablecoins later frozen by their issuers.
#BinanceHack2026 #hackattack #CoinVahini