The exchange suspended transfers for security checks
Binance temporarily stopped deposits and withdrawals after suspicious transfers from its crypto wallets. It said services would resume after the security team confirmed that the environment was secure.
The company is tracing the movements with law enforcement, stablecoin issuers and blockchain intelligence firms. Suspicious transfers have been estimated at up to 5.8 billion dollars, but the actual loss has not been established.
Issuers froze about $2.54 billion in assets
Binance says partners froze about 2.54 billion dollars, including more than 1.5 billion USDT from Tether and more than 800 million USDC from Circle. Circle confirmed its action was coordinated with law enforcement.
Zhao said the incident looked like a hack and expected customer funds to be fully covered. Binance’s later public wording stated that user funds were completely safe.
The 2025 credential incident was a separate case
In March 2025 Binance discussed credentials stolen from users’ devices by infostealer malware and said its own systems were not breached in that case. That statement does not explain the wallet transfers seen on 29 October 2026.
The current investigation concerns movements from Binance-linked wallets. Reusing the 2025 statement as the exchange’s response to this incident would give readers the wrong timeline.
No attacker has been officially identified
The Lazarus Group has been mentioned by some observers, but Binance and law enforcement have not confirmed that attribution. The cause, the route used to move the assets and the final recoverable amount remain under investigation.
Users should rely on Binance’s official channels and avoid links requesting passwords, recovery phrases or account information. The exchange has warned that scammers may exploit the uncertainty surrounding the incident.
This article is for information only and is not investment advice.
admin_wcContributor · World-CryptMore from
