Key Takeaways
- • Initial estimates from on-chain data and security firm CertiK put assets transferred out of Binance hot wallets at $2.5 billion to $2.8 billion, spanning BTC, USDT, USDC, UNI and LINK, which would exceed the $1.5 billion Bybit hack of February 2025 as the largest single crypto hack by dollar value.
- • Tether and Circle froze hacker-related addresses, with officials confirming $2.54 billion in stablecoins frozen, which reportedly cut the net amount the attackers could move and launder.
- • The hack triggered broad selling: BTC fell below $77,000, ETH near $2,200, BNB below $700 and XRP near $1.2, with mainstream tokens generally down over 5%.
- • Derivatives markets saw cascading liquidations of roughly $1.5 billion across more than 240,000 accounts in 24 hours, with long positions making up about $1.3 billion (about 86%) per Coinglass data.
- • Binance founder Changpeng Zhao and the Binance team said user funds are safe and pledged to cover any unrecovered losses through the SAFU fund and corporate treasury.
Summary
On October 30, 2026, a hack of Binance triggered a broad slump across the cryptocurrency market, with mainstream tokens generally falling more than 5%. According to the report, Bitcoin dropped below $77,000, Ether fell to near $2,200, Binance Coin broke below $700 and Ripple slid to around $1.2.
On-chain data and security firms such as CertiK detected abnormal withdrawals from Binance's hot wallets. Initial estimates put the total assets transferred at between $2.5 billion and $2.8 billion, involving BTC, USDT, USDC, UNI and LINK. If confirmed, the incident would surpass the $1.5 billion Bybit hack of February 2025 and become the largest single hack by dollar amount in crypto history.
Following the incident, the Binance team contacted major stablecoin issuers and lending protocols. Tether and Circle moved quickly to freeze hacker-related addresses, and official sources confirmed that $2.54 billion in stablecoins was frozen, significantly reducing the net amount the hackers were able to transfer and launder.
The market reaction was severe. Global derivatives markets triggered algorithmic stop-losses and cascading liquidations, with over 240,000 accounts liquidated in the past 24 hours and total liquidations approaching $1.5 billion according to Coinglass. Long liquidations accounted for nearly $1.3 billion, about 86% of the total, and the market sentiment index fell to 35.
Changpeng Zhao and the Binance team have publicly stated that user funds are safe. They pledged that any losses not recovered would be fully covered by Binance's SAFU fund and corporate treasury, leaving user assets unaffected. The primary report notes that its content was translated using AI and reviewed for clarity, and that the figures reflect initial estimates.
On-chain data and security firms such as CertiK detected abnormal withdrawals from Binance's hot wallets. Initial estimates put the total assets transferred at between $2.5 billion and $2.8 billion, involving BTC, USDT, USDC, UNI and LINK. If confirmed, the incident would surpass the $1.5 billion Bybit hack of February 2025 and become the largest single hack by dollar amount in crypto history.
Following the incident, the Binance team contacted major stablecoin issuers and lending protocols. Tether and Circle moved quickly to freeze hacker-related addresses, and official sources confirmed that $2.54 billion in stablecoins was frozen, significantly reducing the net amount the hackers were able to transfer and launder.
The market reaction was severe. Global derivatives markets triggered algorithmic stop-losses and cascading liquidations, with over 240,000 accounts liquidated in the past 24 hours and total liquidations approaching $1.5 billion according to Coinglass. Long liquidations accounted for nearly $1.3 billion, about 86% of the total, and the market sentiment index fell to 35.
Changpeng Zhao and the Binance team have publicly stated that user funds are safe. They pledged that any losses not recovered would be fully covered by Binance's SAFU fund and corporate treasury, leaving user assets unaffected. The primary report notes that its content was translated using AI and reviewed for clarity, and that the figures reflect initial estimates.
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