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On October 29, 2026, a suspicious security breach occurred on the Binance platform, with an estimated value between $5.57 and $6.3 billion depending on sources. The event caused an immediate drop in prices for major cryptocurrencies, pushing Bitcoin below the $79,000 threshold. Binance’s co-CEO stated that the company will cover all losses resulting from the incident.
Why it matters
The incident represents the largest computer heist in cryptocurrency history, surpassing the previous record set by Bybit in February 2025 of approximately $1.5 billion. The speed with which stablecoin issuers acted limited the dispersion of funds: Tether and Circle froze a combined total of approximately $1.8 billion in USDT and USDC at the involved addresses. According to Standard Chartered, cryptocurrency prices may remain under pressure before finding a stabilization level.
The numbers
Sources differ slightly on the total damage estimate: CoinDesk reports figures between $6 and $6.3 billion, while Decrypt indicates a total of $5.57 billion. The breach occurred across three major blockchains. On Ethereum, approximately $3.51 billion in ETH was stolen; on Bitcoin, 18,270 BTC with an estimated value of $1.44 billion; and on Tron, approximately $630 million. The BNB token recorded a 7% drop, falling to about $699, while Monero increased by 6% to about $637.
What remains unclear
Binance has not officially confirmed that this is a hack or the direct impact on user funds, defining the situation as a “potential security issue” under investigation. The attribution of the attack to the North Korean Lazarus Group or its TraderTraitor cell is based on analysis by researchers TRM Labs and ZachXBT, but has not been confirmed by official sources. It also remains unknown how the attacker obtained the signature necessary to activate the EIP-7702 delegation that allowed the transfers.
Sources: CoinDesk, CoinDesk, CoinDesk, Decrypt, Cointelegraph, Cointelegraph, Cointelegraph, Bitcoin Magazine, Bitcoin Magazine, Unchained, CryptoSlate, CryptoSlate, Block Media.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
* Content created with the assistance of artificial intelligence systems.