Binance Hot Wallets Suffer $3.3 Billion Hack

On-chain investigators say a Tornado Cash-funded address triggered the transfers. Binance had not confirmed a breach, and the exchange's BNB token fell harder than any other top-ten coin.

Binance Hot Wallets Send $3.3 Billion to New Address as Hack Fears Spread

Francis Gable

29/10/26 · 2 minOctober 29, 2026 · 2 min read

Binance hot wallets sent roughly $3.3 billion in crypto to a single newly created address on Oct. 29, and on-chain investigators flagged the transfers as a possible hack that Binance had not confirmed.

The first transfer left the wallet Etherscan labels Binance 14 at about 4:24 p.m. ET. PANews valued its ETH, USDT and more than 60 other tokens at about $2.5 billion. A second transfer of 780 million USDC from another Binance wallet followed 17 minutes later.

If the transfers are a theft, customer funds at the world's largest crypto exchange are exposed. Traders reacted fast: $620.41 million in leveraged bets were forced shut in one hour, according to CoinGlass data.

Tornado Cash Funding Raises the Alarm

On-chain investigator Spreek posted at 4:32 p.m. ET that a Binance wallet appeared to have been drained into a new EOA, a standard wallet controlled by one private key. Spreek said the transaction was paid for with funds from Tornado Cash, a service that hides where coins came from.

Exchanges usually pay network fees for internal moves from their own labeled wallets. Attackers often seed fresh addresses through a mixer so the fee money cannot be traced back to them.

Etherscan now tags the receiving address "Suspect Binance Hot Wallet Exploiter 2" with a suspicious-activity warning. The address later moved 195,460 ETH to another new wallet.

Binance Has Not Confirmed a Breach

Binance had not responded to the reports at publication, according to multiple outlets. Spreek also said routine wallet maintenance remained possible, according to Coindoo, and no blockchain security firm had publicly tied the outflows to a theft.

Former Binance CEO Changpeng Zhao chimed in:

BNB, the token tied to Binance's own platform, fell 6.95% over the day, the worst result among the 10 largest cryptocurrencies. Bitget paused withdrawals after its own recent hot wallet hack.

The next signal has to come from Binance. An exchange that has lost funds typically pauses withdrawals on the affected networks, while a statement describing a planned wallet migration would point the other way.

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