Binance Hacked With Potential Losses Over $2 Billion as Cryptocurrencies Plunge

TradingKey - Binance hit by massive hack with potential loss of $2 billion, triggering panic selling in cryptocurrencies.

On October 30, the hacker attack on Binance triggered a broad slump in cryptocurrencies, with mainstream tokens generally falling over 5%. Among them, Bitcoin (BTC) dropped below $77,000, Ether (ETH) fell to near $2,200, Binance Coin (BNB) broke below $700, and Ripple (XRP) slid to around $1.2.

Following the outbreak of the incident, global derivatives markets triggered algorithmic stop-losses and cascading liquidations. Over the past 24 hours, over 240,000 accounts were liquidated, with total liquidations approaching $1.5 billion. Long liquidations alone reached nearly $1.3 billion, accounting for about 86%, as market panic spread further and the sentiment index dropped to 35.

Crypto market liquidation data, Source: Coinglass

Earlier, on-chain blockchain data and security firms such as CertiK detected abnormal withdrawals from Binance's hot wallets. Initial estimates put the total assets transferred between $2.5 billion and $2.8 billion, involving multiple tokens including BTC, USDT, USDC, UNI, and LINK. This directly surpassed the $1.5 billion record set in the Bybit hack in February 2025, making it the largest single hack by dollar amount in crypto history.

Following the incident, the Binance team immediately contacted major stablecoin issuers and lending protocols. Tether and Circle acted swiftly to freeze hacker-related addresses. Official sources confirmed that $2.54 billion in stablecoins was urgently frozen, significantly reducing the net losses successfully transferred and laundered by the hackers.

Currently, Binance founder Changpeng Zhao (CZ) and the official team have publicly stated that user funds are safe. They also pledged that even if there are unrecovered losses in the end, they will be fully covered by Binance's SAFU fund and corporate treasury, leaving user assets unaffected.