Binance is investigating large transfers out of wallets labeled as its hot wallets after on-chain data showed billions of dollars moving to new addresses today, October 29. The exchange has said user funds are safe and has paused withdrawals while it conducts security checks.
On-chain data on Etherscan shows large transfers from wallets labelled as Binance hot wallets to a newly created address. Unchained’s count of the Ethereum activity put the total near $3.52 billion, including roughly 197,170 ETH, substantial USDT and USDC balances, and dozens of other tokens. Broader multi-chain estimates put the total above $5.6 billion once Bitcoin and Tron movements were included. Binance has not confirmed a loss figure
Founder Changpeng Zhao, or CZ, who no longer runs the company, said the activity “does look like a hack” and that, as a shareholder, he expects user funds to be fully covered.
Tether CEO Paolo Ardoino said the company had frozen more than 1.567 billion USDT linked to a potential Binance exchange hack, adding that protecting the industry and partners was the priority. Circle CEO Jeremy Allaire said Circle had frozen more than 800 million USDC in coordination with law enforcement and would continue supporting the investigation.
World Liberty Financial, the Trump-linked issuer of USD1, and Ripple have also frozen balances linked to the transfers. Representatives posted the details on X. On-chain investigator ZachXBT later reported that the Arbitrum Security Council had moved approximately $30.5 million in ARB and ETH connected to the exploit into a frozen wallet.
Binance later stated the current verified total frozen across all assets stands at $2.54 billion, with further increases possible.
$2.54bn Frozen, but Binance Has Not Confirmed the Total Loss
Binance has not yet stated the size of any confirmed loss or explained how the outflows occurred. It has confirmed that $2.54 billion in assets have been frozen so far, with the total expected to rise as tracing continues with law enforcement and partners. The previous record was Bybit’s roughly $1.5 billion theft in 2025. Whether the event meets the threshold of the largest exchange hack on record will depend on the final verified figure once Binance and the stablecoin issuers complete their reviews.
Author: Andy Samu
See Also:
Is the Lazarus Group Behind the $1.5 Billion Bybit Crypto Heist? | Disruption Banking
Ripple Freezes RLUSD Holdings Linked to Binance Hot Wallet Outflows | Disruption Banking
World Liberty Financial Freezes $27 Million in USD1 After Binance Transfers | Disruption Banking
Binance Hack Update: Arbitrum Security Council Freezes $30.5M | Disruption Banking
Andrew Samu
Andrew Samu, Editor-at-Large at Disruption Banking, shapes the publication’s global coverage of banking, capital markets and digital assets. Based at London’s Level39, he combines market analysis with a strong commercial perspective, informed in part by his role as Commercial Director at Verita HR.
