{"id":435396,"date":"2026-10-30T18:12:09","date_gmt":"2026-10-30T12:42:09","guid":{"rendered":"https:\/\/dripp.zone\/news\/binance-losses-estimated-at-6-3b-amid-major-crypto-hack-crypto-news\/"},"modified":"2026-10-30T18:16:46","modified_gmt":"2026-10-30T12:46:46","slug":"binance-losses-estimated-at-6-3b-amid-major-crypto-hack-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-losses-estimated-at-6-3b-amid-major-crypto-hack-crypto-news\/","title":{"rendered":"Binance Losses Estimated at $6.3B amid Major Crypto Hack &#8211; Crypto News"},"content":{"rendered":"<div data-testid=\"post__body\">\n<h2>What we know about the Binance hack: <\/h2>\n<ul class=\"list-bullet\">\n<li class=\"\" style=\"\" value=\"1\">Binance says the estimated total impact is around $6.3 billion and the verified total value of crypto frozen is $3 billion. This could increase as investigators trace additional assets.<\/li>\n<li class=\"\" style=\"\" value=\"2\">Binance says deposits are operating normally, and withdrawals are expected to resume within 48 hours. <\/li>\n<li class=\"\" style=\"\" value=\"3\">Assets frozen include Tether USDt (USDT), USDC (USDC), Ripple USD (RLUSD), World Liberty Financial USD (USD1), StraitsX USD (XUSD), USDT0 (USDT0), Wrapped Beacon ETH (WBETH), Tether Gold (XAUT), Pax Gold (PAXG), Pax Dollar (USDP) and Arbitrum (ARB).<\/li>\n<li class=\"\" style=\"\" value=\"4\">Cybersecurity analysts suspect North Korea\u2019s TraderTraitor is behind the attack.<\/li>\n<li class=\"\" style=\"\" value=\"5\">Binance says investigators have uncovered additional points of breach after initially pointing to a potentially compromised engineer\u2019s laptop.<\/li>\n<\/ul>\n<p><strong>Oct. 30 at 11:07 am UTC<\/strong><\/p>\n<h2><strong>Yi He says Binance is buying altcoins to replace stolen tokens<\/strong><\/h2>\n<p>Binance is buying altcoins in quantities matching those stolen in the hack as it prepares updated proof of reserves, co-CEO Yi He <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/heyibinance\/status\/2116124832584904742\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a>.<\/p>\n<p>The purchases are being made through over-the-counter deals and on exchanges, she said.<\/p>\n<p>Binance\u2019s SAFU fund and company holdings include substantial amounts of Bitcoin and Ether, Yi He said. The exchange would provide another update once the purchases were complete.<\/p>\n<p><strong>Oct. 30 at 11:00 am UTC<\/strong><\/p>\n<h2>EIP-7702 may have helped Binance hackers bypass security checks<\/h2>\n<p>Attackers could have stolen Binance\u2019s funds without Ethereum\u2019s EIP-7702 upgrade, but it may have helped them bypass security checks, Blockaid CEO Ido Ben-Natan <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-hack-security-ethereum-eip-7702-role\" target=\"_blank\">told Cointelegraph<\/a>.<\/p>\n<p>Ben-Natan said compromised signing systems likely enabled the attack. EIP-7702 provided \u201ca way to do this in one sweep,\u201d while attackers otherwise would have needed multiple transactions.<\/p>\n<p>Ambire CEO Ivo Georgiev also said the funds could have been stolen through other methods. He warned that exchange engineers could overlook the need to revoke malicious EIP-7702 delegations after regaining control of their systems.<\/p>\n<p><strong>Oct. 30 at 10:55 am UTC<\/strong><\/p>\n<h2>Binance says it reserved $6.34B in company funds for hack losses<\/h2>\n<p>Binance has set <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2116121748555153621\" rel=\"nofollow noopener\" target=\"_blank\">aside<\/a> more than $6.34 billion in company funds to cover losses from the hack, the exchange said Friday.<\/p>\n<p>The company said $5 billion of those funds were already held in the same tokens affected by the attack. It was purchasing the remaining assets through market and over-the-counter transactions to address token shortfalls.<\/p>\n<p>Some purchases could take longer because of low liquidity and OTC settlement times, Binance said.<\/p>\n<p>The allocation excludes frozen or protected assets. About $3 billion remained frozen, with efforts to recover those funds continuing alongside law enforcement and industry partners.<\/p>\n<p><strong>Oct. 30 at 10:09 am UTC<\/strong><\/p>\n<h2>Binance hackers may be automating laundering, Chainalysis says<\/h2>\n<p>The attackers behind Binance\u2019s hack may be using automation to move and redistribute stolen funds, blockchain analytics company Chainalysis said.<\/p>\n<p>\u201cOur investigators are observing never-seen-before laundering patterns with the stolen funds from the Binance exploit,\u201d the company <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/chainalysis\/status\/2116110357601095710\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a>.<\/p>\n<p>\u201cThousands of transactions in a short period suggest that the attackers are using automation to obscure the trail of funds.\u201d<\/p>\n<p>Chainalysis said funds repeatedly circulated among addresses, sometimes returning to wallets used earlier in the sequence.<\/p>\n<p><strong>Oct. 30 at 08:37 am UTC<\/strong><\/p>\n<h2><strong>Binance finds additional breach points in hack investigation<\/strong><\/h2>\n<p>Binance\u2019s investigation into its $6.3 billion hack has uncovered \u201cadditional points of breach,\u201d the exchange <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2116089661408108712\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a>, after initially pointing to a potentially compromised laptop.<\/p>\n<p>The exchange said it was still gathering facts in coordination with law enforcement.<\/p>\n<p>Binance said it remained on track to resume withdrawals in 45 hours, while deposits remained unaffected. Outflows from the exchange stopped when it paused withdrawals, it said.<\/p>\n<p><strong>Oct. 30 at 07:37 am UTC<\/strong><\/p>\n<h2>Teng says Binance hack was not a single \u201cone-click\u201d action<\/h2>\n<p>The attacker behind Binance\u2019s $6.3 billion hack did not simply use one engineer\u2019s permissions to carry out the breach, co-CEO Richard Teng said Friday.<\/p>\n<p>In an <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/_RichardTeng\/status\/2116072080525656150\" rel=\"nofollow noopener\" target=\"_blank\">X post<\/a>, Teng said the incident involved \u201ca more complex attack process\u201d and was not a single \u201cone-click\u201d action.<\/p>\n<p>\u201cOur investigation has not attributed responsibility to any individual,\u201d he wrote.<\/p>\n<p>Teng reiterated that preliminary findings pointed to a compromised DevOps engineer\u2019s laptop, which may have allowed the attacker to access an internal service and submit unauthorized withdrawals. He said investigators had found no evidence of a wallet private-key leak.<\/p>\n<p>Binance would cover all losses using its SAFU fund and company funds, he said.<\/p>\n<p><strong>Oct. 30 at 05:01 am UTC<\/strong><\/p>\n<h2>Analysts suspect North Korean group behind Binance hack<\/h2>\n<p>Chainalysis co-founder and CEO Jonathan Levin said the Binance hack was likely <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/north-korea-linked-to-63b-binance-hack-by-crypto-investigators\" target=\"_blank\">carried out by North Korean hacking group TraderTraitor<\/a>, citing links to a previous hack.<\/p>\n<p>In a <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/jony_levin\/status\/2116020833227587637\" rel=\"nofollow noopener\" target=\"_blank\">post<\/a> on X, Levin put the theft at $6.4 billion, slightly above Binance\u2019s estimated $6.3 billion impact. He said industry partners had frozen approximately $3 billion and Chainalysis was continuing to track the funds.<\/p>\n<p>In a separate post, onchain investigator ZachXBT said the stolen funds from the Binance attack and the earlier Bitget exploit were commingled in the same <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/thorchain.net\/address\/0x15104a9ce0f08a8f0075a0869ae80e795fe0feb7\" rel=\"nofollow noopener\" target=\"_blank\">address<\/a> on Friday, after arriving via THORChain. <\/p>\n<p>\u201cThis indicates the same actor is likely behind both incidents,\u201d he said. <\/p>\n<p>\u201cThe Bitget exploit was attributed to DPRK-linked TraiderTraitor, which had overlap with other previous exploits such as Kelp DAO,\u201d he added.<\/p>\n<p>Speaking to Cointelegraph, Blockaid co-founder and CEO Ido Ben-Natan also said the attack <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-hack-may-involve-private-key-misuse-not-theft-blockaid-ceo\" target=\"_blank\">resembled the work<\/a> of North Korea, or DPRK, based on the sophisticated onchain preparations, customer sweeper contract and multiple authorizations. <\/p>\n<p>TRM Labs has also <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.trmlabs.com\/resources\/blog\/north-korea-steals-usd-6-36-billion-from-binance-in-the-largest-hack-in-history\" rel=\"nofollow noopener\" target=\"_blank\">attributed<\/a> the attack to TraderTraitor with \u201chigh confidence,\u201d which it said is \u201cbased on robust on and off-chain intelligence.\u201d <\/p>\n<p>TraderTraitor has also been named by the FBI as the same group responsible for the ByBit hack in February last year. <\/p>\n<p><strong>Oct. 30 at 4:17 am UTC<\/strong><\/p>\n<h2>Binance expects withdrawals to resume within 48 hours<\/h2>\n<p>Binance said withdrawals <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2116026356740034858?a=9FDgHcAuOzrDhGef-Q0&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"text-decoration: underline;\">remain<\/span><\/a> paused while it completes a security revamp of its withdrawal service and related addresses, with service expected to resume within 48 hours. Deposits are operating normally.<\/p>\n<p>The exchange said the incident involved multiple factors and that its security team was tracing the full attack path through a compromised computer, which they suspect to be the entry point.<\/p>\n<p><strong>Oct. 30 at 03:49 am UTC<\/strong><\/p>\n<h2><strong>Binance hack could accelerate shift to DEXs: Standard Chartered<\/strong><\/h2>\n<p>The Binance hack could push more <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-hack-could-accelerate-shift-to-dexs-standard-chartered\" target=\"_blank\"><span style=\"text-decoration: underline;\">crypto trading toward decentralized exchanges<\/span><\/a> and benefit Uniswap over the longer term, according to Standard Chartered\u2019s global head of digital assets research, Geoffrey Kendrick.<\/p>\n<p>In an email shared with Cointelegraph, Kendrick retained his $100 price target for Uniswap\u2019s UNI token by 2030, saying the breach was \u201canother reason why that forecast may end up being too low.\u201d<\/p>\n<p>CoinGecko research<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.slideshare.net\/slideshow\/2026-q2-crypto-industry-report-coingecko\/288608332#47\" rel=\"nofollow noopener\" target=\"_blank\"> <span style=\"text-decoration: underline;\">shows<\/span><\/a> that the top 10 spot DEX-to-CEX ratio was 23.5% in the second quarter of 2026, climbing 2.1 percentage points from the first quarter of 2026.\u00a0<\/p>\n<p>\u201cI would encourage investors to re-engage with Uniswap,\u201d said Kendrick. \u201cThe decentralized exchange (DEX) has never had any exploits, and the hack of the largest centralized exchange (CEX), in Binance, should see the ratio of DEX to CEX trading continue to increase.\u201d\u00a0<\/p>\n<p><strong>Oct. 30 at 02:25 am UTC<\/strong><\/p>\n<h2>Binance points to engineer\u2019s hacked laptop in $6.3B breach<\/h2>\n<p>Binance said its initial investigation into the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-hack-may-involve-private-key-misuse-not-theft-blockaid-ceo\" target=\"_blank\"><span style=\"text-decoration: underline;\">multi-billion crypto breach<\/span><\/a> has pointed to a compromised DevOps engineer\u2019s laptop.\u00a0<\/p>\n<p>The exchange said the laptop compromise may have allowed an attacker to access a service container and submit unauthorized withdrawal transactions. It said it had found no evidence of a wallet private-key leak, though its investigation remains ongoing.<\/p>\n<p>The crypto exchange has also disclosed that the estimated total impact of the hack is $6.3 billion.\u00a0<\/p>\n<p><strong>Oct. 30 at 02:21 am UTC<\/strong><\/p>\n<h2>First Digital confirms it has frozen FDUSD involved in attack<\/h2>\n<p>First Digital CEO Vincent Chok said it has frozen the FDUSD stolen in the attack on Binance.\u00a0<\/p>\n<p>\u201cWe\u2019re working alongside the Binance team and will share updates as we have them,\u201d Chok told Cointelegraph in a written statement.\u00a0<\/p>\n<p>\u201cOur priority is protecting FDUSD holders and stopping bad actors from moving stolen funds. Protecting users is a responsibility we all share.\u201d<\/p>\n<p><strong>Oct. 30 at 01:19 am UTC<\/strong><\/p>\n<h2>Bitcoin trades below $77,000 as BNB falls 8%\u00a0<\/h2>\n<p>Bitcoin traded near $76,937, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/markets\/binance-hack-rattles-crypto-markets-bnb-bitcoin-slide\" target=\"_blank\">down 4.9% over 24 hours<\/a>, according to CoinGecko. BNB fell 8% to about $693, while Ether declined 5.7% to about $2,211.<\/p>\n<p>DeFi tokens also fell, with AAVE down 11.3% and Uniswap\u2019s UNI down 10.7% over the same period. <\/p>\n<p>The Bitcoin Fear and Greed Index, which <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" rel=\"nofollow noopener\" target=\"_blank\">tracks<\/a> Bitcoin market sentiment, fell to \u201cfear\u201d with a score of 30, which it has not seen since August. <\/p>\n<p><strong>Oct. 30 at 12:52 am UTC<\/strong><\/p>\n<h2>Binance says $3 billion frozen from hack <\/h2>\n<p>Binance <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2115970069696217576?a=UY3TfEEm4R462RHRUPo&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> the current verified amount of assets frozen from the hack is now $3 billion. <\/p>\n<p>The update came after the Arbitrum Security Council said it <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/heyibinance\/status\/2115962957880602653?a=oLX92F4yR1_NHSxK0CE&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">executed<\/a> a transaction to freeze $30.5 million from the Binance exploit, involving 74.6 million Arbitrum (ARB) and 8,425 Ether (ETH).<\/p>\n<p>\u201cThe Security Council acted by weighing its commitment to the security and integrity of the Arbitrum community and Arbitrum governance without impacting any Arbitrum users or applications,\u201d it said. <\/p>\n<p>\u201cAs of October 30, 2026 time, the funds have been successfully transferred to an intermediary frozen wallet,\u201d it said.<\/p>\n<p>The funds will no longer be accessible to the address that originally held the funds and can only be moved by further action of the Security Council or a vote of Arbitrum DAO governance, it added. <\/p>\n<p><strong>Oct. 30 at 12:26 am UTC<\/strong><\/p>\n<h2>Chainalysis estimates $5.9 billion stolen from Binance<\/h2>\n<p>Chainalysis <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/chainalysis\/status\/2115963516884808078?a=uVtbfWBu2haSRWoUVKc&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> its current estimate of the amount stolen from Binance is $5.912 billion at the time of theft, four times the amount stolen from crypto exchange Bybit in 2025.<\/p>\n<p>Binance earlier said the verified total frozen is $2.54 billion.<\/p>\n<p><strong>Oct. 30 at 12:26 am UTC<\/strong><\/p>\n<h2><strong>Blockaid suspects Binance hack involved private key \u201cmisuse\u201d<\/strong><\/h2>\n<p>The suspected multi-billion-dollar Binance hack may have involved attackers <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-hack-may-involve-private-key-misuse-not-theft-blockaid-ceo\" target=\"_blank\">manipulating the exchange\u2019s transaction-signing signature<\/a>, according to Blockaid co-founder and CEO Ido Ben-Natan.<\/p>\n<p>Speaking to Cointelegraph, Ben-Natan said Blockaid\u2019s preliminary assessment pointed to \u201ckey misuse,\u201d in which attackers trick or compromise a signing system into authorizing malicious transactions without extracting the underlying private key.\u00a0<\/p>\n<p>\u201cIt seems to be\u2026 a compromise of signing infrastructure. We don\u2019t think a key was leaked,\u201d he said.<\/p>\n<p>Ben-Natan said this was a preliminary assessment, drawing on their experience with similar attacks and their observations of the onchain activity. <\/p>\n<p>Arkham CEO Miguel Morel said the attack appears to be ongoing. <\/p>\n<p><strong>Oct. 30 at 12:07 am UTC<\/strong><\/p>\n<h2>Binance says deposits temporarily suspended<\/h2>\n<p>Binance said it has temporarily <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2115960292115124558\" rel=\"nofollow noopener\" target=\"_blank\">suspended<\/a> deposits as it conducts security checks, freezes funds and coordinates with law enforcement. It previously confirmed it had suspended withdrawals. <\/p>\n<p>\u201cWe are working around the clock and will share a full post-mortem once the investigation is complete,\u201d the company said, adding it will \u201ccover all losses.\u201d<\/p>\n<p>Earlier, Binance also said it had temporarily <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2115943482204574108?a=w5XNVtkwTelu7mqDacU&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">suspended<\/a> Binance Alpha trading. <\/p>\n<p><strong>Oct. 30 at 12:07 am UTC<\/strong><\/p>\n<h2>Wintermute and GSR disclose Binance exposure<\/h2>\n<p>Crypto trading firms Wintermute and GSR disclosed exposure to Binance but said they did not expect major disruption to their businesses.<\/p>\n<p>The firms are market makers, which place buy and sell orders on exchanges to help other traders complete transactions. A disruption to their operations could make trading harder or more expensive across crypto markets.<\/p>\n<p>GSR CEO Xin Song <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/xinsong86\/status\/2115938072856793229\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> its Binance exposure was less than 5% of its net equity, meaning the value of its assets minus its liabilities. He said GSR was working with Binance to understand the incident and identify ways to help.<\/p>\n<p>Wintermute CEO Evgeny Gaevoy <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/EvgenyGaevoy\/status\/2115930654521135404\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> his firm\u2019s exposure was less than 20% of net equity and that he did not expect operational disruption.<\/p>\n<p>Neither executive disclosed a dollar amount for the exposure or confirmed financial losses.<\/p>\n<p><strong>Oct. 29 at 11:40 pm UTC<\/strong><\/p>\n<h2>Ripple freezes RLUSD linked to Binance hack<\/h2>\n<p>Ripple is freezing holdings of its dollar-pegged RLUSD stablecoin linked to the Binance hack, according to Jack McDonald, the company\u2019s senior vice president of stablecoins.<\/p>\n<p>McDonald <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/_JackMcDonald_\/status\/2115928859854221744\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> Ripple was \u201cactively freezing affected funds\u201d and coordinating with relevant parties to support the investigation. He did not disclose the amount frozen.<\/p>\n<p><strong>Oct. 29 at 11:35 pm UTC<\/strong><\/p>\n<h2>Binance says $2.54 billion frozen after hack<\/h2>\n<p>Binance <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2115947325617299903\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> the verified total of assets frozen in connection with the hack had reached $2.54 billion, clarifying differing figures circulating publicly, including references to $1.8 billion.<\/p>\n<p>The exchange said the total could 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 publish further figures once verified.<\/p>\n<p><strong>Oct. 29 at 10:36 pm UTC<\/strong><\/p>\n<h2>World Liberty Financial freezes $27 million in USD1\u00a0<\/h2>\n<p>World Liberty Financial has frozen $27 million in US-dollar-pegged stablecoin USD1 and $2 million worth of WLFI, according to Binance co-founder Yi He.\u00a0<\/p>\n<p>\u201cUSD1 has taken proactive steps to freeze the $27 million in USD1 associated with the Binance hack,\u201d said World Liberty Financial co-founder and CEO Zach Witkoff.\u00a0<\/p>\n<p>World Liberty Financial said it worked with <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/BitGo\/status\/2115926446682354143?a=mROMd31gqprjenPhdPk&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">BitGo<\/a> to freeze the stolen WLFI and USD1 funds.\u00a0<\/p>\n<p>\u201cWe will cooperate fully with the ongoing investigation and support efforts to hold those responsible accountable. Protecting our users remains a top priority,\u201d said World Liberty in a post on X.\u00a0<\/p>\n<p><strong>Oct. 29 at 10:33 pm UTC<\/strong><\/p>\n<h2><strong>Binance says withdrawals will resume once issues resolved<\/strong><\/h2>\n<p>Binance <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/binance\/status\/2115935002139742437?a=Ds4bSQ6Siu77PRtruOM&#038;s=20\" rel=\"nofollow noopener\" target=\"_blank\">says<\/a> its team is conducting security checks and will resume withdrawals as soon as the \u201csecurity issue\u201d is resolved.<\/p>\n<p><strong>Oct. 29 at 10:32 pm UTC<\/strong><\/p>\n<h2><strong>Aave freezes markets after Binance exploiter borrows $44.6 million<\/strong><\/h2>\n<p>Decentralized lending protocol Aave <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/aave\/status\/2115937863162339637\" rel=\"nofollow noopener\" target=\"_blank\">froze<\/a> markets across its V3 and V4 deployments as a precaution following the Binance hack.<\/p>\n<p>In a governance forum <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/governance.aave.com\/t\/binance-hot-wallet-exploit-aaves-response\/25954\" rel=\"nofollow noopener\" target=\"_blank\">update<\/a> posted after the freeze, risk service provider LlamaRisk said the Binance exploiter deposited 60 million USDT and borrowed 19,762 Wrapped Ether (WETH), worth about $44.6 million at the time.<\/p>\n<p>The borrowing occurred between 8:58 pm and 9:01 pm UTC on Oct. 29, about 40 minutes before the first freeze. It was the exploiter\u2019s only Aave position across all networks and versions, with no further interactions detected after 9:01 pm UTC.<\/p>\n<p>The position remained backed by $59.9 million in USDT collateral against $43.8 million in debt at the update\u2019s snapshot. LlamaRisk said it remained subject to normal liquidation and did not put Aave suppliers at risk.<\/p>\n<p>The freezes covered 175 reserves on V3 across 16 networks and 117 reserves on V4 across four networks.<\/p>\n<p>Users can still withdraw funds and repay loans, and liquidations continue. However, the freeze prevents new deposits and borrowing, including additional collateral deposits, leaving repayment as the only way to improve an existing position\u2019s health factor.<\/p>\n<p>LlamaRisk said markets would remain frozen until the exploiter\u2019s funds stopped moving and Binance provided greater clarity on containment, followed by a staged reopening. It warned that a prolonged freeze could push borrowing rates higher as withdrawals reduce available liquidity.<\/p>\n<p><strong>Oct. 29 at 9:15 pm UTC<\/strong><\/p>\n<h2><strong>Binance investigates multibillion-dollar security breach<\/strong><\/h2>\n<p>Binance is investigating a potential multibillion-dollar security breach involving one of its Ethereum wallets, after suspicious transfers prompted stablecoin issuers Tether and Circle to reportedly freeze billions in assets.<\/p>\n<p>A Binance spokesperson told Cointelegraph on Thursday that the exchange was investigating reports of a potential security issue but had not confirmed any impact on user funds. The spokesperson said its security teams were reviewing the activity and would provide updates once more information was verified.<\/p>\n<p>Concerns were first raised by blockchain researcher Spreek, who <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/spreekaway\/status\/2115904721856651382\" rel=\"nofollow noopener\" target=\"_blank\">posted<\/a> on X that assets from a Binance-linked Ethereum wallet had been transferred to a newly created address through a contract call allegedly funded by Tornado Cash. Spreek later reported that wallets connected to the transfers had begun selling Tether USDt (USDT) through decentralized exchanges.<\/p>\n<p>Blockchain analytics platform Arkham Intelligence later <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/arkm.com\/explorer\/entity\/21a94755-f604-45e5-9501-6542e23005e8\" rel=\"nofollow noopener\" target=\"_blank\">identified<\/a> a collection of wallets labeled \u201cbinance-hacker-1029\u201d holding approximately $5.84 billion in digital assets. The figure represents the wallets\u2019 reported holdings rather than a confirmed estimate of stolen funds.<\/p>\n<p>Binance co-founder Changpeng Zhao <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/cz_binance\/status\/2115915423174853077?s=20\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> the activity appeared to be a hack, adding that Tether and Circle had frozen approximately $971 million and $823 million, respectively. Zhao said he expected all user funds to be fully covered.<\/p>\n<h2 style=\"text-align: left;\">Tether,\u00a0Circle\u00a0freeze\u00a0over\u00a0$2.36 billion<\/h2>\n<p style=\"text-align: left;\">Blockchain security firm Blockaid said its team had identified roughly $3.3 billion in suspicious transfers involving Binance-linked wallets across Ethereum, Arbitrum and Avalanche.<\/p>\n<p style=\"text-align: left;\">Shortly after news of the hack emerged, Tether and Circle, the two largest stablecoin issuers by market capitalization, said they had frozen a combined $2.36 billion in tokens linked to the suspected incident.<\/p>\n<p>Circle CEO Jeremy Allaire said the company had <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/jerallaire\/status\/2115916207463481846\" rel=\"nofollow noopener\" target=\"_blank\">frozen<\/a> more than $800 million in USDC in coordination with law enforcement and would continue supporting the investigation.<\/p>\n<p>A few minutes later, Tether CEO Paolo Ardoino <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/paoloardoino\/status\/2115918000373346709\" rel=\"nofollow noopener\" target=\"_blank\">said<\/a> the company had frozen more than $1.567 billion in USDT linked to the potential exploit.<\/p>\n<p>\u201cProtecting the industry and our partners is our main priority,\u201d Ardoino wrote.<\/p>\n<p>The Binance hack came hours after <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/polymarket-suspends-trading-user-funds-compromised\" target=\"_blank\">Polymarket temporarily halted trading<\/a> following a compromise at a third-party provider. The prediction market platform said it had fixed the issue and pledged to reimburse affected users, with all systems reported operational by 7:05 p.m. UTC Thursday.<\/p>\n<p><strong>Reporting by Felix Ng, Bryan O\u2019Shea and Nate Kostar.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What we know about the Binance hack: Binance says the estimated total impact is around $6.3 billion and the verified total value of crypto frozen is $3 billion. This could increase as investigators trace additional assets. Binance says deposits are operating normally, and withdrawals are expected to resume within 48 hours. Assets frozen include Tether [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":435397,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-435396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=435396"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435396\/revisions"}],"predecessor-version":[{"id":435398,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435396\/revisions\/435398"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/435397"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=435396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=435396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=435396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}