Binance Hacked!

GRAND RAPIDS, MI. - Binance Holdings Ltd. faced a multibillion-dollar security breach on Thursday, October 29, 2026, forcing the world's largest cryptocurrency exchange to pause user withdrawals as hackers drained hot wallets of approximately $5.7 billion.

Binance founder Changpeng Zhao, also known as CZ, announced on Thursday that the platform investigated a potential security issue. Changpeng Zhao assured users that their funds remained safe despite the massive outflows. Concurrently, stablecoin issuers Tether and Circle froze over $2.38 billion in digital currency across three blockchains to mitigate the exploit.

On-chain tallies tracked the suspected drain starting earlier in the week, with an initial $2 billion outflow moving from hot wallets to a Tornado Cash-funded address. Binance, founded in 2017 by Changpeng Zhao, operates globally without an official company headquarters after previously transitioning from China, Japan, and Malta.

The massive exploit hit broader crypto markets instantly, causing the Bitcoin price to slide below $79,000 on Thursday. Binance continues its investigation into the security breach while industry firms monitor ongoing on-chain movements.