Crypto Giants Freeze $2.5B Following Binance Hack Reports
Reports of multibillion‑dollar transfers from Binance‑linked wallets sent BNB down 7.2% and Bitcoin 3.1% lower as the crypto market fell 3.3%.
Update (Oct 30, 00:27 UTC): Cryptocurrency platforms have frozen more than $2.5 billion amid reports of a cyberattack involving Binance, according to WION. The security incident coincided with Bitcoin dropping over 3%.
Update (Oct 30, 00:27 UTC): Elon Musk warned that everyday is zero-day as reports of the breach circulated, while Tether and Circle blocked $2.38 billion following the incident.
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Update (Oct 29, 23:57 UTC): According to seMissourian, Binance reported a potential security issue involving stablecoin issuance.
Crypto markets plunged on Thursday after reports surfaced of a potential multibillion‑dollar hack involving wallets linked to Binance. The native token of BNB Chain, $BNB, slid 7.2% to around $702, while Bitcoin ($BTC) fell 3.1% to roughly $78,674. Ether ($ETH) dropped 4% to $2,263, pushing the total cryptocurrency market capitalization down 3.3% to about $2.73 trillion.
Suspicious Transfers Highlighted
Blockchain security firm Blockaid flagged approximately $3.3 billion in suspicious transfers, and Arkham Intelligence tracked roughly $5.84 billion held by wallets labelled “binance‑hacker‑1029.” Neither figure represents a confirmed theft amount, but the scale of the movements has heightened investor anxiety.
Exchange Response and Stablecoin Action
Binance announced it is investigating a potential security issue and assured users that their funds are “completely safe.” Stablecoin issuers Tether and Circle responded by freezing more than $2.3 billion in stablecoins tied to the incident, aiming to prevent further outflows.
Market Impact
The sell‑off coincided with a 29% jump in 24‑hour trading volume to $89.4 billion, indicating heightened activity amid uncertainty. BNB’s sharp decline was the most pronounced among major assets, underscoring the market’s sensitivity to exchange‑related security concerns.
Key facts
- $BNB down 7.2% to $702 (CoinGecko)
- $BTC down 3.1% to $78,674
- $ETH down 4% to $2,263
- Total market cap down 3.3% to $2.73 trillion
- Suspicious transfers: $3.3 B (Blockaid) and $5.84 B (Arkham)
- Stablecoins frozen: >$2.3 B (Tether, Circle)
Source: cointelegraph.com
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