Binance Hot Wallet Breached: $5.6 Billion Drained Overnight
Around 4 a.m., Bitcoin was still hovering near $80k. By mid-morning, it had broken below $77k, down more than 5% over 24 hours. What brought the market down was not macro data, but a string of on-chain transfers. At 20:24 UTC on October 29, a transaction was sent from an ETH hot wallet flagged as belonging to Binance, moving out 167,464 ETH plus 63 types of tokens, including 1.615 billion USDT, all sent to a freshly generated address[1]. On-chain statistics later put the total at no less than $5.57 billion across three chains. Chainalysis estimated even higher — at $5.912 billion based on prices at the time of the theft, equivalent to four times the 2025 Bybit hack[2]. ...