Binance Suffers Major Security Breach as $2 Billion in Funds Drained
Binance confirms a significant security incident with over $2 billion drained from wallets, prompting swift action from stablecoin issuers to freeze funds.
Binance confirms a significant security incident with over $2 billion drained from wallets, prompting swift action from stablecoin issuers to freeze funds. Ethereum (ETH) is trading at ₹2,13,572 ($2,241.14), down 1.0% since this brief published. This is an original Token Times brief synthesising 4 outlets (BeInCrypto, Crypto Economy, Decrypt, and others), with their figures cross-checked, plus live market data, as of Fri, 30 Oct 2026 00:15:02 UTC.
The incident highlights vulnerabilities in major crypto exchange security and the critical role of stablecoin issuers in mitigating potential losses. It also raises concerns about the impact on market stability and user trust.
- Binance Hack: $2 Billion Drained, Circle and Tether Freeze, Crypto Markets React ↗
- Binance Drained of $5.5 Billion in Suspected Hack, Tether and Circle Freeze $1.8 Billion ↗
- Binance Security Breach: Tether and Circle Freeze $1.8B in USDT and USDC ↗
- Breaking: Binance Investigates $5.57B Security Breach as Bitcoin Crashes Below $79K ↗
- Binance confirms security breach with over $2 billion in funds drained.
- Tether froze $971M and Circle froze $823M in affected stablecoins.
- Nearly $700M in USDT was converted to ETH before issuers intervened.
- Crypto market reacts with Bitcoin down 2.99% in 24 hours.
Multiple outlets including BeInCrypto, Crypto Economy, and Decrypt report that Binance experienced a major security breach resulting in the drainage of over $2 billion from its wallets. The figures for the amount frozen by Tether and Circle vary slightly, with Crypto Economy and Decrypt citing $1.8 billion, while Cointelegraph reports over $2.36 billion. Additionally, Decrypt provides a higher estimate of the total drain at $5.57 billion across three blockchains, which is not corroborated by other outlets. All sources agree on the involvement of Tether and Circle in freezing funds and the timing of the incident as occurring on the night of October 29.
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- Binance Confirms Security Incident as Billions Exit Hot Wallets
- Binance Suffers Major Security Breach as $2 Billion in Funds Drained — this brief
- Major Stablecoin Issuers Freeze $2.6B Linked to Binance Hack
Binance has confirmed a significant security breach, with more than $2 billion drained from its wallets. The incident has raised concerns about the security of major crypto exchanges and the potential impact on market stability. According to BeInCrypto, an 
Ethereum address associated with the breach received 28,005.6 ETH, and the total amount drained is estimated to be over $2.3 billion.
In response to the breach, stablecoin issuers 
Tether and Circle took swift action to freeze the affected funds. Crypto Economy reports that Tether blocked approximately $971 million in USDT, while Circle froze $823 million in 
USDC. These actions were part of a coordinated effort during the night of Thursday, October 29. However, Decrypt cites a higher figure, stating that Tether and Circle froze $1.8 billion in total.
The incident has also highlighted the rapid movement of funds prior to the intervention of stablecoin issuers. According to Crypto Economy, nearly $700 million in USDT was converted to ETH before the issuers could act. This underscores the challenges faced by exchanges and issuers in preventing the movement of stolen funds.
Binance has assured its customers that their funds are safe, as security researchers continue to investigate the breach. AMBCrypto reports that the exchange is working to address the issue and minimize the impact on its users. The incident has drawn attention to the need for enhanced security measures and the importance of swift action by stablecoin issuers in such situations.
The broader crypto market has reacted to the news, with 
Bitcoin down 2.99% in the past 24 hours. The total crypto market cap stands at $2.7 trillion, according to live data. Ethereum, Tether, and USDC have also seen slight declines, with Ethereum at $2264.04, Tether at $0.998582, and USDC at $0.999177.
The incident raises important questions about the security of crypto exchanges and the role of stablecoin issuers in maintaining market stability. As investigations continue, it will be crucial to monitor the impact on Binance's operations and the broader market. The response from regulators and the crypto community will also be closely watched.
Since this brief published about 3 hours ago, Ethereum (ETH) has moved from ₹2,15,754.30$2,264.04 to ₹2,13,572.01$2,241.14 — -1.01%.
The chart plots ETH's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 ETH ≈ ₹235,879.99 (about $2,241.14), down 4.9% over 24 hours. The rupee itself trades about 10.4% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
1 key figure independently matched across 4 outlets reporting this story.
Token Times extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Figures and sectors in this story, checked live against on-chain aggregators · October 29, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Binance Suffers Major Security Breach as $2 Billion in Funds — questions & answers
How much was drained from Binance wallets?
Over $2 billion was drained, with some estimates suggesting up to $5.57 billion across three blockchains.
What actions did Tether and Circle take?
Tether froze $971 million and Circle froze $823 million in affected stablecoins.
How did the crypto market react?
The market reacted with Bitcoin down 2.99% in 24 hours, and Ethereum, Tether, and USDC also saw slight declines.
How much is 1 Ethereum worth in rupee today?
About ₹235,879.99 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $2,241.14. The rupee price moves with both ETH's US-dollar price and the USDT/INR rate; use our Ethereum in rupee page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is down 1.01% since this brief first published — trading at ₹2,13,572 ($2,241.14) now versus ₹2,15,754 ($2,264.04) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from BeInCrypto, Crypto Economy, Decrypt, TronWeekly, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.