"Our teams are aware of reports of a potential security issue and are actively investigating. Rest assured that user funds are completely safe," a Binance spokesperson told BleepingComputer.
Binance confirms an active probe and urges caution
Binance has acknowledged reports of a "potential security issue" and said its security teams are reviewing "all relevant information with urgency," promising updates through official Binance channels once information is verified. The exchange also warned customers to be cautious of scams and to avoid unofficial links, messages, or requests for account information.
Changpeng Zhao (CZ), the Binance founder, said on X that the incident "appeared to be a hack," while noting he no longer manages the exchange and expects all user funds to be fully covered. Binance has not yet confirmed whether the transfers were unauthorized, how a suspected breach occurred, or the total value of any stolen assets.
Billions moved from Binance hot wallets to a new Ethereum address
Blockchain transaction analysis shared on X by crypto journalist StarPlatinum outlined a rapid sequence of large transfers from wallets tied to Binance hot infrastructure. A wallet known as "Binance 14" was reported to have moved roughly $2.53 billion across 64 cryptocurrency tokens; 24 seconds later a second Binance wallet allegedly forwarded $174.4 million to the same destination. A later update said a third Binance hot wallet transferred another 780 million USDC to that Ethereum address, bringing the immediate reported total to about $3.48 billion.
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End the scrambleArkham Intelligence tracking places combined holdings at ~$5.78 billion
Blockchain intelligence platform Arkham Intelligence was reported to be tracking 55 cryptocurrency addresses under an entity labeled "binance-hacker-1029," with combined holdings valued at approximately $5.78 billion. Arkham's breakdown cited roughly $1.77 billion in USDT, $1.44 billion in Bitcoin, $876 million in Ethereum, and $823 million in USDC across those addresses.
Blockchain explorer Etherscan has labeled the initial receiving address "Binance Hot Wallet Exploiter 2" and applied both "Exploit" and "Heist" tags. It is important to note Arkham's $5.78 billion figure represents the value of assets held across all tracked wallets and is not presented as a confirmed amount stolen from Binance.
Tether and Circle freeze more than $2.3 billion in stablecoins
Stablecoin issuers moved quickly after the on-chain transfers were observed. Tether CEO Paolo Ardoino said on X that Tether had frozen more than $1.567 billion in USDT associated with the potential Binance incident. Circle CEO Jeremy Allaire confirmed Circle had frozen more than $800 million in USDC linked to the transfers and said Circle was coordinating with law enforcement and would continue supporting the investigation.
The combined freezes exceed $2.3 billion in stablecoins tied to the wallets that are being monitored, reflecting rapid asset-control measures by the issuers while the exchange and third-party trackers continue to investigate.
What technologists, law enforcement, and exchange users will watch for
- Technologists and security teams will be watching whether Binance confirms the transfers were unauthorized and whether forensic traces reveal how hot wallets were accessed; Binance has said its security teams are reviewing information with urgency.
- Law enforcement and issuers will continue coordination: Circle said it was coordinating with law enforcement, and both Circle and Tether have frozen linked stablecoin holdings, steps that aim to limit liquidity for addresses public trackers have flagged.
- Exchange users will watch for Binance's official updates and any clarifications about fund coverage; Binance has reassured customers that "user funds are completely safe" and that it expects full coverage of user funds, per statements reported to BleepingComputer and comments by CZ on X.
If the transfers are confirmed as theft and the full amount tracked by Arkham represents diverted assets, the incident could eclipse the $1.5 billion theft from Bybit in February 2025 as the largest confirmed crypto heist on record. For now, key facts remain unsettled: whether the transfers were unauthorized, how a suspected breach occurred, and the total value of any assets taken. Binance has said it will provide updates through official channels as soon as information is verified.
