Binance , the world’s largest cryptocurrency exchange, is investigating a suspected security breach after more than $5.5 billion worth of digital assets reportedly moved from wallets linked to the platform.
If the highest estimates are confirmed as stolen funds, the incident would become the largest cryptocurrency hack on record, surpassing the roughly $1.5 billion Bybit exploit of February 2025. However, the exact scale of the loss remained uncertain at the time of publication, with investigators still tracing funds across multiple blockchains.
Binance founder Changpeng Zhao, known as CZ, said the incident appeared to be a hack while stressing that user funds remained safe. Binance separately said its security teams were investigating reports of a potential security issue and would provide further information once details had been verified.
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don’t manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered. https://t.co/oufpyNChxI
— CZ 🔶 BNB (@cz_binance) October 29, 2026
Binance hacker wallets reportedly hold over $5.6 billion
Preliminary on-chain estimates put the value held across wallets associated with the suspected attacker at around $5.6 billion.
The preliminary asset breakdown circulating among blockchain trackers includes:
Bitcoin (BTC): $1.45 billion
Ethereum (ETH): $875 million
TRON (TRX): $234 million
Tether Gold (XAUT): $50 million
Tether (USDT): $1.57 billion
USD Coin (USDC): $823 million
Wrapped Beacon ETH (WBETH): $75 million
Ripple USD (RLUSD): $88.5 million
Other cryptocurrencies: approximately $447.5 million
The breakdown has not yet been fully confirmed, and estimates may change as investigators distinguish between unauthorized transfers, internal movements, overlapping transactions, and assets actually controlled by the attacker.
Binance confirms $2.54 billion frozen
Stablecoin issuers and industry partners moved quickly to restrict assets linked to the suspected attack.
Earlier figures circulating publicly suggested that around $1.8 billion had been frozen. Binance has since clarified that the current verified total frozen stands at $2.54 billion.
“We are aware of differing figures circulating publicly regarding the amount frozen, including references to $1.8 billion. For clarity, the current verified total frozen is $2.54 billion,” Binance said.
We are aware of differing figures circulating publicly regarding the amount frozen, including references to $1.8 billion.
For clarity, the current verified total frozen is $2.54 billion. This figure may continue to increase as our teams work closely with law enforcement,… pic.twitter.com/Kx68qptfXk
— Binance (@binance) October 29, 2026
The exchange added that the amount could continue to increase as its teams work with law enforcement, issuers, blockchain intelligence firms, and industry partners to trace and freeze additional assets.
Binance said it would only share confirmed figures as more verified information becomes available. The frozen assets do not necessarily represent funds already recovered by Binance, but restricting their movement could improve the chances of eventual recovery.
Tether and Circle freeze billions linked to Binance incident
Stablecoin issuers moved quickly to restrict some of the assets linked to the suspected attack.
Tether CEO Paolo Ardoino said more than $1.567 billion in USDT connected to the incident had been frozen, while Circle reportedly froze more than $800 million in USDC. Combined, the actions could prevent more than $2.3 billion worth of stablecoins from being freely transferred, although freezing an asset does not automatically mean the funds have been recovered by Binance.
Binance has maintained that customer funds are safe, while Binance.US said its platform was not affected by the incident.
Potentially the largest crypto hack in history
The suspected breach immediately ranks among the most serious security incidents the cryptocurrency industry has faced.
The previous record was the February 2025 Bybit hack, in which approximately $1.5 billion was stolen. If investigators ultimately confirm losses close to the current $5.6 billion upper estimate, the Binance incident would exceed that figure by more than threefold.
Binance has maintained that customer funds remain safe while the investigation continues.
The final loss figure will depend on which transfers are confirmed as unauthorized, whether duplicated or internal movements are excluded, and how much of the frozen balance can ultimately be recovered.
Featured image via Shutterstock
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