![Binance Hack: $2.5B Frozen After Hot Wallet Breach](https://cdn.slatesource.com/c/f/4/cf4f5aee-b8d5-447b-bf71-43e91fdd9cf0.webp) # Binance Hack: $2.5B Frozen After Hot Wallet Breach - [Made in Slatesource](https://slatesource.com/@steph/binance-hack-2-5b-frozen-after-hot-wallet-breach) - By [Steph](https://slatesource.com/@steph) - Created on Oct 30, 2026 ## Binance suspends all deposits and withdrawals after suspected hot wallet hack On 30 October 2026, Binance -- the world's largest cryptocurrency exchange by volume -- suspended all deposits and withdrawals after attackers drained its Ethereum hot wallet in a coordinated transaction the evening before. Binance confirmed the breach affected an estimated $6.3 billion in assets, with about $3 billion frozen with help from other platforms. Co-founder Changpeng Zhao (CZ) said the incident "does look like a hack" and Binance stated it will "cover all losses." The breach is potentially the largest cryptocurrency theft on record, eclipsing the Bybit hack (~$1.5B, February 2025). Binance.US, the smaller platform serving American residents, said it is not affected. [binance.com](https://www.binance.com/en/blog/ecosystem/potential-security-issue-update-5688987910888591621?utm_source=slatesource) Total assets impacted (Binance estimate) $6.3 billion Assets frozen or recovered so far ~$3 billion Tether (USDT) frozen ~$1.6 billion Circle (USDC) frozen ~$800 million ETH drained from Binance 14 hot wallet 167,464 ETH (~$2.8B at time of hack) Bitcoin price change after news \-4% or more Previous largest crypto hack (Bybit, Feb 2025) ~$1.5 billion [bbc.co.uk](https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o?utm_source=slatesource) How the Binance breach unfolded on 29-30 October 202628.10.2026 – 30.10.2026 03:34 28.10.2026Attacker's address receives 0.1 ETH from Tornado Cash as preparation. 28.10.2026 29.10.2026Afternoon: attacker deploys a smart contract to the same address. 29.10.2026 29.10.2026 20:21Transaction links Binance 14 hot wallet to attacker's contract via EIP-7702 delegation. 29.10.2026 20:21 29.10.2026 20:2628,005 ETH leaves Binance 16 hot wallet to the same address. 29.10.2026 20:26 29.10.2026 20:41780 million USDC exits Binance through the same route. 29.10.2026 20:41 29.10.2026 21:15CZ posts on X: "It does look like a hack on Binance." 29.10.2026 21:15 29.10.2026 21:24Binance publishes first official statement: "potential security issue being investigated." 29.10.2026 21:24 29.10.2026 21:30Tether and Circle begin freezing stablecoin balances on attacker wallets. 29.10.2026 21:30 30.10.2026 00:29Al Jazeera confirms $2.54 billion in stablecoins frozen. Bitcoin below $77,000. 30.10.2026 00:29 30.10.2026 03:34Binance confirms $6.3 billion total impacted; early checks indicate engineer's laptop was compromised. 30.10.2026 03:34 [finbold.com](https://finbold.com/binance-confirms-2-54-billion-frozen-after-suspected-record-hack/?utm_source=slatesource) ## How the EIP-7702 exploit worked -- and what Binance now suspects EIP-7702 is a feature introduced in Ethereum's Pectra upgrade. It allows a standard wallet to temporarily act like a smart contract by delegating control to another address. An attacker used this to redirect Binance 14's funds to a wallet they controlled in a single transaction. Early investigation by Binance suggests an engineer's laptop was compromised, allowing the attacker to make unauthorised withdrawals. EIP-7702 delegation requires a signature from the wallet's own private key -- a compromised machine would give an attacker access to that key. Binance has not yet disclosed the full chain of events and says it will publish a complete report once the investigation is finished. No arrests have been announced. Binance response and what is confirmed so far 67% All deposits and withdrawals suspended Binance security teams investigating with law enforcement Tether froze ~$1.6B in USDT linked to attacker wallets Circle froze ~$800M in USDC linked to attacker wallets Aave decentralized lending markets frozen as precaution Binance states user funds are safe and losses will be covered Total impact confirmed by Binance at $6.3 billion Binance.US confirmed as unaffected by incident Root cause and full laptop-compromise chain disclosed publicly Complete Binance post-incident report published Trading on affected products fully resumed Law enforcement identification of attacker(s) [financefeeds.com](https://financefeeds.com/binance-hack-3-3b-hot-wallets-drained-tether-circle-freeze/?utm_source=slatesource) Last updated 30 October 2026, 04:00 UTC. Binance confirmed $6.3B in assets impacted and ~$3B frozen or recovered (BBC 03:34 UTC, France24 03:48 UTC). Early investigation points to an engineer's compromised laptop. Previous figure of $2.54B referred only to stablecoins frozen by Tether and Circle; the $6.3B covers all assets across chains. Sources: Binance official statement (binance.com); BBC (03:34 UTC, 30 Oct 2026); France24 (03:48 UTC, 30 Oct 2026); Al Jazeera (00:29 UTC, 30 Oct 2026); Guardi [Binance official statement: potential security issue update](https://www.binance.com/en/blog/ecosystem/potential-security-issue-update-5688987910888591621?utm_source=slatesource) [BBC: Binance says crypto worth $6.3bn impacted in suspected hack](https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o?utm_source=slatesource)