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Binance Hack Fears Mount as $2.77B Moves Across Five Blockchains

source-logo  coinedition.com 9 h
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Binance faces fresh security concerns after wallets linked to the exchange moved about $2.77 billion across five blockchains on Thursday. Co-founder Changpeng Zhao said, “User funds are safe!” while acknowledging a possible hack and praising stablecoin issuers for freezing suspicious funds.

Binance has not confirmed a breach, and the transfers alone do not establish that customer funds were stolen.

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. https://t.co/oufpyNChxI

— CZ 🔶 $BNB (@cz_binance) October 29, 2026

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Tether and Circle Freeze Stablecoins

Tether CEO Paolo Ardoino said the company had frozen more than $1.567 billion in USDT. Circle CEO Jeremy Allaire confirmed that more than $800 million in USDC had been frozen with law enforcement support.

CZ separately credited Tether with freezing about $971 million and Circle with $823 million. He also said he expected affected users to receive full compensation. The differing figures leave the total amount frozen unclear.

Liquidations Rise Amid Uncertainty

Crypto World News reported $341.2 million in liquidations between 20:00 and 21:00 UTC, with long positions accounting for 96.5% of the total.

$BNB fell 8.7% to $680 before recovering to $702 However, no security firm had confirmed that funds were stolen. The transfers may also have involved Binance moving assets between its own wallets.

Binance has yet to explain the movements or confirm whether customer funds were affected.

coinedition.com