Binance Wallets See $2.77 Billion Outflow in Suspected Hack; Tether Freezes About $971 Million in USDT

Binance-linked wallets recorded about $2.77 billion in unusual outflows across five blockchains on Oct. 29, involving more than 60 tokens moved to newly created addresses, according to Walter Bloomberg and several crypto outlets. Binance has not confirmed a hack or issued a statement.

On-chain data show a wallet labeled "Binance 14" sent about 167,000 ETH and about 1.6 billion USDT to a new address at 20:24 UTC, and "Binance: Hot Wallet 34" sent 780 million USDC at 20:41 UTC. About 16,700 BTC (roughly $1.3 billion) also moved to new wallets. On-chain investigator Spreek said the receiving address's contract call appeared to be funded through Tornado Cash, though routine wallet maintenance has not been ruled out.

The receiving address then split about 1.2 billion USDT across three new addresses. Tether had frozen about $971 million in USDT as of 21:07 UTC, according to Walter Bloomberg.

BNB fell as much as about 9% and Bitcoin dropped below $78,500. Coinglass data show about $628 million in liquidations within one hour, about $607 million of them long positions.