Binance faces unconfirmed hack reports as $3.5 billion exits exchange
Security & Exploits ·
Bitcoin fell below $79,000 as on-chain trackers flagged large, unexplained outflows from Binance to newly created wallets.
Bitcoin was trading below $79,000 amid reports of a potential hack affecting Binance, with more than $3.5 billion reportedly withdrawn from the exchange. The figures have not been independently confirmed, and Binance has not issued a public statement addressing the claims as of this report.
On-chain observers described the activity as significant outflows moving to newly created addresses, several of which were funded through the Tornado Cash mixer. One account tracking the situation noted that a Binance wallet appeared to have been drained to a new address following a transaction funded via Tornado Cash, according to a post shared on x.com.
The use of Tornado Cash to fund the receiving addresses is being cited as a potential red flag, since the mixer is commonly associated with obscuring the origin of funds. Multiple separate reports in the same cluster described the same pattern of unexplained transfers to fresh wallets, with some characterizing it as suspicious activity and others leaving open the possibility that the movement reflects a whale reallocating funds rather than an exploit.
Four distinct sources have surfaced reporting on the episode, each describing ongoing or detected on-chain activity tied to Binance, though none has provided a confirmed root cause, attack vector, or official acknowledgment from the exchange. The $3.5 billion figure for withdrawals has circulated across these reports but remains unverified pending any statement from Binance or independent blockchain forensic analysis.
What remains unresolved is whether the outflows stem from a genuine security breach, an internal transfer, or a large holder moving assets independently of any exploit. Confirmation would likely require an official response from Binance, forensic tracing of the destination addresses linked to Tornado Cash, and clarification of whether user funds were affected. Bitcoin's price move below $79,000 is being watched alongside these developments as a possible market reaction to the unconfirmed reports.