GoKawiilBinance Investigates Possible Hack After Billions Drained From Wallet
Binance said it is probing a potential security breach after more than $2 billion moved out of one of its wallets to an outside account, with Blockaid putting the figure closer to $3.3 billion. Founder Changpeng Zhao said the incident appears to be a hack but that user funds remain safe, crediting Tether and Circle for quickly freezing roughly $971 million and $823 million respectively.
GoKawiil's interpretation of the reporting above, not reported fact.
A breach of this scale at one of the world's largest exchanges could rattle confidence in centralized crypto platforms and intensify scrutiny of their custody practices. Zhao's comment that he no longer runs Binance but expects funds to be 'fully covered' suggests the company may face pressure to make affected users whole, though the ultimate financial impact and cause of the breach remain unconfirmed.
- Binance is investigating a suspected hack after a wallet lost over $2 billion, possibly up to $3.3 billion per Blockaid.
- Tether and Circle froze a combined roughly $1.8 billion tied to the incident.
- Founder CZ says user funds are safe and should be fully covered, despite no longer managing the exchange.
Ledger Nano X Hardware Wallet — Exchange hacks like this are a stark reminder that leaving crypto on an exchange means trusting a third party with your assets. A hardware wallet like the Ledger Nano X lets you hold your own private keys offline, away from exchange-related breaches. It's a practical way to take custody of your crypto into your own hands.
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: slashdot.org, 2026-10-29
Published there as: “Multi-Billion Binance Hack Hitting Crypto Markets”
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