Binance: Multi-billion outflow, USDT freeze, hack rumors
4.2 Security Binance saw outflows up to $3.5B amid hack rumors. Tether and Circle froze large sums. Hacker’s portfolio includes $47.3M in UNI. Binance is investigating, and the market is falling.
On October 29, Binance experienced a substantial outflow of funds, with withdrawals from the exchange’s wallets totaling between $2.77 billion and $3.5 billion across five blockchains. Within just one hour, the net outflow of Tether USDt (USDT) reached $33.41 million. Rumors of a possible hack have surfaced, although there is no official confirmation yet. The crypto community is actively discussing the potential compromise of Binance’s hot wallets. In response, Tether has frozen over $1.567 billion in USDT, while Circle has frozen $823 million in USDC to prevent further movement of funds. The alleged hacker’s portfolio was revealed, with the largest holding being $47.3 million in UNI. Total losses from the incident are estimated at $5.7 billion. Amid these developments, the crypto market is declining: BNB dropped by 8%, and Bitcoin’s price fell to $78,000. Binance has assured users that client funds are safe and that an investigation is ongoing.
