Binance Hack: $2 Billion Drained, Circle and Tether Freeze, Crypto Markets React

Binance confirmed a major security incident and said it was investigating reports that over $2 billion had been drained, while a spokesperson said it had not confirmed any impact to user funds. CZ, a Binance shareholder who wrote on October 29, 2026 that he no longer manages Binance.com, said it looked like a hack and that he expected user funds to be covered. The concern centered on an Ethereum address that received 28,005.6 ETH from a Binance-labelled wallet and then sent 195,460 ETH, worth $440 million, to another address. Circle's $823 million USDC freeze at the address was not independently confirmed, while Tether initiated a pending freeze request for $971.1 million in USDT; the amount stolen, if any, remains unverified.