GoKawiilBinance investigates possible $5.8 billion crypto theft from hot wallets
Binance is probing a suspected security breach after reports that billions of dollars were moved from several of its hot wallets to a newly created Ethereum address. Tether and Circle have frozen more than $2.3 billion in USDT and USDC tied to the incident, while Binance says user funds remain safe and the matter is under active investigation.
GoKawiil's interpretation of the reporting above, not reported fact.
If verified, the loss would surpass February 2025's $1.5 billion Bybit hack to become the largest crypto theft on record, raising fresh questions about exchange custody practices. The rapid freezing of funds by stablecoin issuers shows how centralized control points can be used to blunt the impact of such breaches, though it also highlights how much of crypto's security still depends on a handful of intermediaries rather than decentralized safeguards.
- Binance is investigating a potential hack involving up to $5.8 billion in assets.
- Tether and Circle have jointly frozen over $2.3 billion in USDT and USDC linked to the incident.
- Founder Changpeng Zhao says it appears to be a hack and expects affected user funds to be fully covered.
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See Ledger Nano X Hardware Wallet on Amazon → Affiliate link — we may earn a commission on purchases, at no extra cost to you. Product picked by AI based on this article; it is not a tested recommendation.Source: bleepingcomputer.com, 2026-10-29
Published there as: “Binance probes potential $5.8 billion crypto-theft hack”
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