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Binance Investigates Suspected $5.8B Hack as Tether and Circle Freeze Over $2.36B



 Thursday, October 29, 2026, was a turbulent day for the crypto market. Binance, the world’s largest crypto exchange, is investigating a suspected multibillion-dollar security breach involving one of its Ethereum wallets. If the scale of the incident is confirmed, it could rank among the largest crypto hacks on record.

What We Know So Far

A Binance spokesperson said the exchange is aware of reports of a potential security issue and that its security teams are reviewing the activity. The exchange has not confirmed any impact on user funds and says it will share updates once more information is verified.

Concerns were first raised by blockchain researcher Spreek, who reported on X that assets from a Binance-linked Ethereum wallet had been moved to a newly created address through a contract call allegedly funded by Tornado Cash. Spreek later noted that wallets tied to the transfers had begun selling Tether USDt (USDT) on decentralized exchanges.




Blockchain analytics platform Arkham Intelligence then identified a group of wallets labeled “binance-hacker-1029” holding roughly $5.84 billion in digital assets. That number reflects what the wallets hold, not a confirmed figure for stolen funds.

Separately, blockchain security firm Blockaid said it had identified about $3.3 billion in suspicious transfers involving Binance-linked wallets across Ethereum, Arbitrum and Avalanche.

Stablecoin Issuers Step In

Tether and Circle, the two largest stablecoin issuers by market capitalization, moved quickly to freeze tokens linked to the incident, with a combined total of more than $2.36 billion.

  • Circle: CEO Jeremy Allaire said the company froze over $800 million in USDC in coordination with law enforcement and will keep supporting the investigation.
  • Tether: CEO Paolo Ardoino said over $1.567 billion in USDT had been frozen, adding that protecting the industry and its partners was Tether’s main priority.

Are User Funds Safe?

Binance co-founder Changpeng Zhao said the activity appeared to be a hack and said he expects all user funds to be fully covered. This is a statement from a co-founder, not a confirmation from the exchange. Binance itself has not yet verified whether customer balances were affected, so users should watch for official announcements.

What Happens Next

This is a developing story, and key details remain unconfirmed, including the exact amount stolen, how the attacker gained access, and how much can be recovered. The fast response from Tether and Circle shows how stablecoin freezes can limit an attacker’s ability to cash out, though assets not issued by those companies may be harder to trace and recover.

We will update this post as Binance and security researchers release verified information.

Sources: Cointelegraph, Arkham Intelligence, posts from Spreek, Changpeng Zhao, Jeremy Allaire and Paolo Ardoino on X.

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