Techcrunch Binance Investigates Major Hack; Over $5 Billion Transferred
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- •Over $5 billion drained from Binance wallets, marking a potential record hack.
- •Tether and Circle have frozen approximately $2.4 billion in assets linked to the incident.
- •Binance has paused withdrawals and is investigating the breach, with user funds reportedly safe.
On October 29, 2026, Binance reported a potential security breach after over $5 billion in cryptocurrency was transferred from its wallets to an unknown address. The transfers involved various cryptocurrencies, including Ethereum and stablecoins from Tether and Circle, prompting these companies to freeze approximately $2.4 billion in assets. Binance's co-founder, Changpeng Zhao, indicated that it appears to be a hack, and the exchange has paused withdrawals while investigating the incident. The attack may have exploited a feature on Ethereum known as EIP-7702, allowing unauthorized control over wallets. The incident, if confirmed, would be the largest crypto hack in history, surpassing the $1.5 billion Bybit hack in 2025. Binance has stated that user funds are safe and that they are working closely with law enforcement to resolve the issue.
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