press (Binance statements as reported by AP, CNBC and CoinDesk; wallet figures linked by Arkham Intelligence, via CoinDesk and CNBC), Oct 29
Binance freezes $2.54B in an apparent hack as Arkham links $5.8B to the hacker wallets
Late in the American afternoon, billions began to leave the wallets of the world's largest exchange. Nobody has yet said how.
Key facts
- Linked
- About $5.8 billion in crypto linked by Arkham to wallets it ties to the apparent hacker ($5.84 billion, Arkham via Cointelegraph; CoinDesk says more than $5.7 billion; CNBC says nearly $6 billion across 55 addresses). These are holdings, not a confirmed loss
- Frozen
- $2.54 billion, the 'current verified total frozen', Binance said (via CNBC)
- Binance
- 'Rest assured that user funds are completely safe,' a spokesperson said; it has not explicitly confirmed an exploit (AP, CNBC)
- Freezes
- Tether says it froze more than 1.5 billion USDT and Circle more than 800 million USDC (CEOs via CNBC)
- Markets
- Bitcoin down about 3% to below $80,000, ether about 4%, BNB about 6.7% (CoinDesk); Circle shares down about 5% after hours (CNBC)
Rest assured that user funds are completely safe.
Binance spokesperson, via CNBC
Note
Binance, the world's largest cryptocurrency exchange, said on Thursday it was investigating reports of a potential security issue, and that crypto firms had frozen $2.54 billion in funds tied to it, AP and CNBC report. "Rest assured that user funds are completely safe," a Binance spokesperson said. The exchange has not formally confirmed that it was hacked, although its founder Changpeng Zhao said the incident "does look like a hack on Binance," AP reports.
Blockchain intelligence firm Arkham has linked about $5.8 billion in crypto, including bitcoin, ether and stablecoins, to wallets it ties to the apparent hacker, $5.84 billion according to Cointelegraph. CoinDesk puts Arkham's figure at more than $5.7 billion. CNBC puts Arkham's figure at nearly $6 billion across 55 addresses. Those are the wallets' holdings, not a confirmed loss. CoinDesk calls it the largest crypto hack to date. Tether and Circle say they froze more than 1.5 billion USDT and more than 800 million USDC.
Prices fell on the news. Bitcoin dropped about 3% to below $80,000, ether about 4% and BNB about 6.7%, according to CoinDesk, and Circle's shares fell about 5% in after hours trading, CNBC reports. Arkham's chief executive told CoinDesk the breach appeared to begin around 4:30 PM ET and may still be under way.
Why it matters
If the linked total holds, this would be the largest crypto theft on record, at the exchange that sits at the centre of the market.
Sources
- AP: Binance flags potential security incident as crypto firms freeze $2.5 billion (Oct 29 2026)
- CNBC: Binance 'potential security issue' sees $2.54 billion frozen (Oct 29 2026)
- CoinDesk: Binance loses $5.7 billion in largest crypto hack to date (Oct 29 2026)
- CoinDesk live updates: Binance security breach (Oct 29 2026)
- Cointelegraph live updates: Arkham tracker shows about $5.84 billion in hack linked wallets (Oct 29 2026)
- Cointelegraph live updates: Arkham tracker shows about $5.84 billion in hack linked wallets (Oct 29 2026)
Primary + secondary attribution as listed.
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