Binance security breach affects approximately $1.8B in stablecoin reserves; CZ commits to full user fund coverage.
Security & Exploits ·
At least $5.57 billion in cryptocurrency moved out of Binance-linked wallets across Ethereum, Bitcoin, and Tron on October 29, with the exchange stating it is investigating a potential security issue while maintaining no confirmed impact to user funds. In response to the outflow, Tether immobilized 975.1 million USDT and Circle blocked 823 million USDC at the primary receiving address, totaling approximately $1.8 billion in frozen stablecoins. The breach involved exploitation of Ethereum's EIP-7702 feature, though how the attacker obtained the required signature remains undetermined. If verified as a hack, the incident would represent the largest cryptocurrency exchange breach on record.