Binance 14, the hot wallet at the center of Thursday's suspected hack, is listed in the exchange's October 1 proof of reserves as backing customer balances. At the time it held 1.26B USDT and 89,475 ETH among 37 assets.

The attacker used EIP-7702 to turn the wallet into a sweeper that forwarded incoming funds to their own address. About 167,464 ETH left Binance 14, followed by 28,005.6 ETH from Binance 16.

Roughly 204,500 ETH taken equals about 5.6% of Binance's ETH reserves, leaving ether backing near 94% after an exact 100% ratio on October 1.

USDC and several altcoins, including ENA, UNI, PEPE and AAVE, are also likely below full backing until the stolen assets are replaced. Binance says customer balances will be honored, its SAFU fund holds around $1B in bitcoin, and the November 1 reserve snapshot will show whether the gap has been closed.

Binance has suspended both deposits and withdrawals while its team runs security checks, freezes stolen funds and works with law enforcement, co-founder and co-CEO Yi He wrote on X. A full post-mortem is promised once the investigation is complete.

The pledge turns earlier assurances that user funds are safe into a direct commitment: the exchange itself absorbs the losses. Founder Changpeng Zhao had said he expects users to be fully covered. Binance Alpha trading is also paused until the issue is resolved.

Binance's verified total of frozen assets stands at $2.54B, with Tether freezing over 1.567B USDT and Circle more than 800M USDC tied to the incident.

The final size of the theft is still unconfirmed. Arkham links 66 addresses holding about $5.88B to the attacker, though that figure reflects wallet holdings rather than a confirmed loss.

The response to the suspected Binance breach has reached the chain level: the Arbitrum Security Council executed an emergency transaction to freeze about $30.5M held in an exploiter address on Arbitrum.

The move adds to stablecoin freezes already in place. Binance said the verified total frozen stood at $2.54B, with Tether locking more than $1.5B in USDT, Circle more than $800M in USDC and Ripple helping halt about $200M.

Nearly $6B in assets has been linked to 55 wallets tied to the incident, so frozen funds cover only part of the exposure.

Binance has not explicitly confirmed an exploit, suspended Binance Alpha trading and says user funds are safe. Changpeng Zhao said he expects customer funds to be fully covered.

Binance has put out its first verified figure on frozen funds after more than $5.5B in digital assets reportedly moved out of wallets linked to the exchange. Earlier public estimates had cited around $1.8B frozen.

The current verified total frozen stands at $2.54B, and the exchange says the number may still grow as tracing continues.

Stablecoin issuers moved first: Tether froze more than $1.567B in USDT, while Circle reportedly froze more than $800M in USDC. Binance is working with law enforcement, issuers and blockchain intelligence firms to trace the rest. Frozen assets are not yet recovered funds.

If the upper estimate of about $5.6B held by attacker wallets is confirmed, the incident would become the largest crypto hack on record, well above the roughly $1.5B Bybit exploit of February 2025. Binance says user funds are safe, and Binance.US reports it was not affected.

Paxos joined Tether and Circle in blocking funds tied to the suspected Binance security incident. Its statement on X says onchain analysis showed PAXG gold tokens held on Binance were moved to the suspected attacker's address.

After confirming the transfers with its own blockchain investigation, Paxos froze 1,906.67 PAXG in wallet 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c. Tether and Circle have together frozen roughly $1.8B in USDT and USDC linked to the same incident.

Paxos says its own systems were not affected, and reserves for PAXG, PYUSD and USDG remain fully intact with redemptions operating normally.

The company called the situation rapidly evolving and said it will work with law enforcement and regulators as details emerge.

Wallets linked to Binance were drained of at least $5.5B on October 29, in what would be the largest hack in crypto history. The attacker is now using Uniswap and Aave as exit ramps, swapping stablecoins that issuers can freeze into ETH, which has no issuer able to block it.

On Aave, one wallet deposited about $60M in USDT and borrowed 19,762 ETH against it within four minutes. Relay wallets also received tens of thousands of ETH from Uniswap contracts, including a single 20,940 ETH ($45.6M) fill from UniswapX. Neither app showed signs of a flaw.

As of 22:07 UTC, about 253,000 ETH (roughly $570M) sat in two wallets with no outgoing transfers.

Aave has frozen its V3 markets on Ethereum mainnet, and Kamino paused borrowing in its SOL/BTC market as a precaution. Stablecoin issuers have frozen more than $2B in USDT and USDC, and Ripple froze about $200M in RLUSD. Binance said it is investigating the incident.

Binance is investigating a potential security issue after onchain trackers tied nearly $6B in assets to 55 wallets linked to a possible exploit. Market makers and DeFi protocols have started to disclose their exposure to the incident.

Wintermute's exposure sits under 20% of net equity, and CEO Evgeny Gaevoy sees no disruption to operations in any scenario. GSR puts its exposure under 5% of net equity.

Ethena, Lido and Aave report no direct exposure. Ethena keeps exchange-linked collateral with off-exchange custodians, and stETH staking and withdrawals run normally. Aave froze all DAO-operated V3 and V4 markets as a precaution: new deposits and borrows are paused, withdrawals and repayments still work.

Circle and Tether have frozen more than $2.3B in USDC and USDT tied to the incident. Binance has not confirmed an exploit and says user funds are safe.

Over $5B left Binance hot wallets tonight, 3.6x Bybit's $1.4B record from February 2025. One night nearly matches all 118 CEX hacks on record combined ($6.6B).

North Korea is linked to four of the nine biggest past cases. This time Tether and Circle already froze $2.4B in stablecoins, but the BTC, XRP and USDT swapped into ETH are out of reach.

Roughly $2.9B reportedly left Binance-linked wallets across several blockchains on Thursday evening. Shortly after, CZ said it "does look like a hack on Binance" and that user funds are safe.

Stablecoin issuers moved within the hour. Tether froze about $971M in USDT, including a Tron wallet that received $612.7M from Binance and still held $312.7M when it was blacklisted. Circle blacklisted an Ethereum address holding $823M USDC.

Combined, issuers have frozen about $1.8B, more than half of the estimated outflow.

Binance has not confirmed a breach. In its first statement on the incident, the exchange said it is investigating "a potential security issue" and has not confirmed any impact to user funds. Co-founder Yi He wrote "User Funds SAFU" and warned users against unofficial links.

CZ, who no longer runs Binance.com, said that as a shareholder he expects all user funds to be fully covered. Funds that moved before the freezes, including $300M USDT forwarded from the Tron wallet, remain outside the issuers' reach.

The largest corporate bitcoin holder closed the third quarter with 848,517 BTC on its balance sheet as of Oct. 25, up 26% since the start of the year. The rising value of that stack produced a $20.91B gain and record operating income.

Net income reached $19.53B, up from $2.79B a year earlier, while revenue from the legacy software business fell 3% to $125.4M.

Holders of the STRC, STRF, STRK and STRD preferred shares approved switching dividends to daily accrual, with 99.3% of votes cast in favor. STRC moves first with a Nov. 1 record date, the other three follow on Jan. 1, and after that every calendar day becomes a record date.

Strategy also said STRC was stabilized through $2.04B of repurchases, and CFO Andrew Kang will step down on Nov. 5, with COO Reza Virasteh taking the role in January 2027. MSTR shares fell about 3.5% in after-hours trading.