Binance Suspected Hack: $3 Billion Frozen, Bitcoin Hits Six-Week Low

Binance, the world's largest cryptocurrency exchange, says about $3 billion in assets linked to a suspected security breach have now been frozen, Bitcoin has slid to a six-week low of $77,646, and the exchange has pledged to cover all losses. Binance has not confirmed a hack or a final loss figure, and it says user funds are safe — but the size of the reported outflows, and the speed of the market sell-off, have made this the story moving crypto and crypto-linked stocks right now.

What happened at Binance?

According to Reuters reporting, Binance said on October 29 that it was working with law enforcement agencies, stablecoin issuers and blockchain intelligence firms to trace and freeze assets after detecting a potential security issue. The exchange suspended all deposits and withdrawals and halted trading on its Binance Alpha platform while it runs security checks.

On-chain reporting tracked by InsideBitcoins says the transfers began around 20:24 UTC on October 29, when a first Ethereum transaction sent 167,464 ETH plus dozens of token transfers, including about 1.615 billion USDT, to a brand-new address, with further outflows later seen on Bitcoin and Tron networks. Security researchers cited in that reporting see a possible signing-infrastructure compromise, though the cause remains unconfirmed.

Co-founder Yi He said, in the Reuters account, that “Binance will cover all hacking losses,” while assuring users their funds remained safe. Changpeng Zhao wrote on X that “it does look like a hack on Binance” and expects users to be made whole. Binance says it will publish a full post-mortem once its investigation is complete and that withdrawals will resume once the issue is fully resolved.

How big is the suspected Binance loss?

The honest answer is that estimates vary widely, and no final figure has been confirmed. An early on-chain count put the outflows near $2.8 billion, while blockchain analytics firm Chainalysis estimated $5.912 billion as of October 30. If a figure near the top of that range is confirmed, it would be nearly four times the roughly $1.5 billion Bybit heist of February 2025, the previous record. Blockchain intelligence firm Arkham said preliminary data suggested billions of dollars had been compromised by an unidentified actor, while stressing the cause was unconfirmed.

The freeze effort is the other half of the story. Tether froze nearly $1.57 billion in USDT linked to the incident, Circle blocked more than $800 million in USDC, and Ripple froze approximately $200 million, according to Binance. On October 30, Binance put its own verified frozen total at around $3 billion

Why is Bitcoin falling?

Bitcoin fell below $79,000 on October 29, traded near $78,058 on October 30, and touched a six-week low of $77,646 in early Asian trading, down around 2% on the day in Reuters' snapshot. Ethereum slipped about 2% to a two-month low of $2,238.76. BNB, Binance's own token, plunged more than 8% to $694. Nearly $1 billion in derivatives positions were liquidated over 24 hours, with Bitcoin accounting for $289 million and Ethereum $236 million — forced selling that can deepen a slide once it starts.

The damage spread beyond crypto itself. Coinbase shares fell 4.8% and Bitcoin holder Strategy declined nearly 6% in extended U.S. trading, according to Reuters. Reuters also named the hack as one force fraying nerves in Asia, where the KOSPI slumped 5% and the Nikkei fell 3%. Binance.US and Coinbase both said their own platforms were unaffected by the incident.

What's next?

Three things will decide whether this stays a scare or becomes a confirmed record heist. First, Binance's own verified loss figure and post-mortem — until those arrive, every dollar total in circulation is an estimate. Second, whether the frozen total keeps rising as issuers and law enforcement trace more wallets. Third, whether withdrawals resume on the timetable Binance has promised. According to TRM Labs figures cited by Reuters, hackers stole $2.9 billion across nearly 150 attacks in 2025. This report describes what happened and how markets reacted; it is not a recommendation to buy, sell or hold any asset.

Key facts

• Binance suspended deposits and withdrawals and halted Binance Alpha trading on October 29.
• Binance says about $3 billion linked to the incident had been frozen by October 30.
• Tether froze nearly $1.57 billion, Circle more than $800 million, and Ripple about $200 million.
• Estimates of the outflows range from about $2.8 billion to a Chainalysis estimate of $5.912 billion — unconfirmed.
• Bitcoin hit a six-week low of $77,646; BNB fell more than 8% to $694.

Sources: BusinessToday (Reuters), InsideBitcoins, CoinTurk, Reuters via Kat Country

FAQ

Has Binance confirmed it was hacked?

No. Binance says it is investigating a potential security issue, has not confirmed a hack or a final loss figure, and says user funds are safe and losses will be covered.

How much was taken in the suspected Binance breach?

Estimates range from about $2.8 billion to $5.912 billion, according to Chainalysis. No total has been confirmed, and about $3 billion has reportedly been frozen.

Why did Bitcoin fall below $79,000?

News of the suspected breach triggered selling across crypto, nearly $1 billion in liquidations over 24 hours, and declines in crypto-linked stocks such as Coinbase.

Are Binance withdrawals open?

No. Binance suspended deposits and withdrawals and halted Binance Alpha trading pending security checks, and says withdrawals will resume once the issue is fully resolved.