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Finance & Markets · Global

Binance-linked outflows top $2.8 billion as bitcoin falls below $79,000

Outflows totaling $2.77 billion were detected from Binance-linked wallets across five blockchains, prompting Binance to investigate a possible security breach. Bitcoin fell below $79,000, while stablecoin issuers reported freezing more than $2.3 billion in USDT and USDC.

AI-assisted synthesis · Based on 4 outlets' reporting · Article text read from 2 of 4 outletsHow it's made

View timeline · 12 entries
4 outletsLatest reporting 3 min read
Coverage: Too few ratedL 0 · C 1 · R 0 · 3 unrated
Updat3 graphic: Bitcoin
Updat3 graphic

What happened

Key facts

  • Outflows of about $2.8 billion were reported from wallets linked to Binance; en.bloomingbit.io put the amount at $2.77 billion, while cryptoticker.io described about $2.8 billion drained from a Binance hot wallet (per bloomingbit.io, cryptoticker.io).
  • On Oct. 29, outflows totaling $2.77 billion were detected across five blockchains from Binance-linked wallets (per bloomingbit.io, cryptoticker.io).
  • Binance said it was investigating reports of a potential security issue (per bloomingbit.io, cryptoticker.io).
  • Bitcoin fell more than 9% intraday and first dropped below $79,000 since Sept. 20 (per bloomingbit.io).
  • Tether CEO Paolo Ardoino said more than 1.567 billion USDT had been frozen in connection with the possible Binance hack (per bloomingbit.io, cryptoticker.io).
  • Jeremy Allaire reported that more than 800 million USDC had been frozen, and on-chain investigator ZachXBT said more than $2.83 billion was frozen in total (per cryptoticker.io).
  • Bloomberg’s headline said a stock selloff also weighed on bitcoin (per Bloomberg).

The brief

Outflows of about $2.8 billion from wallets linked to Binance prompted the exchange to investigate a potential security issue, while bitcoin fell below $79,000. The reports describe the wallet activity as suspected hacking or a possible security breach; neither establishes that a hack caused the outflows.

Bloomingbit reported that $2.77 billion left Binance-linked wallets across five blockchains on Oct. 29. CryptoTicker described about $2.8 billion drained from a Binance hot wallet on Thursday night.

The reports therefore place the amounts at roughly the same scale, but describe the affected wallets differently: Binance-linked wallets across five blockchains in one account, and a hot wallet in the other. Binance said its teams were aware of reports of a potential security issue and were actively investigating.

The exchange’s statement, quoted by CryptoTicker, did not say that a breach had been confirmed. The available reports do not identify who carried out the transfers or establish that the movement resulted from hacking. Bitcoin fell below $79,000 during the session.

Bloomingbit reported a low of $78,297.05 in Binance’s Tether market and a decline of more than 9% intraday; CryptoTicker said bitcoin reached $78,763 by 21:00 UTC. Bloomingbit said the drop below $79,000 was the first since Sept. 20. Bloomberg’s headline also pointed to a stock selloff as a factor weighing on bitcoin, alongside the Binance story.

Other major tokens also declined, according to Bloomingbit: BNB fell as much as 9.11% to $680, XRP dropped as much as 6.11% to $1.2233, and Solana fell as much as 6.67% to $95. Those figures describe intraday lows and declines, rather than closing prices. Stablecoin issuers reported freezing funds.

Tether CEO Paolo Ardoino said more than 1.567 billion USDT had been frozen in connection with the possible Binance hack. CryptoTicker also reported that Jeremy Allaire said more than 800 million USDC had been frozen. On-chain investigator ZachXBT put the total frozen amount above $2.83 billion.

The immediate documented next step is Binance’s investigation into the reported security issue. The reported wallet outflows, bitcoin’s price drop and the announced freezes are distinct developments; the reports do not establish a confirmed breach or identify a party responsible for the transfers.

Why it matters

  • Binance faces an investigation into reported outflows of about $2.8 billion from wallets linked to the exchange, with the security issue still described as potential.
  • Bitcoin holders faced a sharp price move: the reports put the intraday decline above 9% and the low below $79,000.
  • Stablecoin issuers reported freezing more than 1.567 billion USDT and more than 800 million USDC; ZachXBT’s reported frozen-total estimate exceeded $2.83 billion.
  • BNB, XRP and Solana also recorded reported intraday declines, with BNB down as much as 9.11%, XRP 6.11% and Solana 6.67%.

What to watch next

  • Whether Binance’s investigation confirms a security breach or identifies what caused the reported outflows.
  • Whether Tether or the USDC issuer reports changes to the frozen amounts.
  • Whether bitcoin remains below $79,000 after the reported intraday decline.
  • Whether Binance or another named party identifies who carried out the transfers.

How it's being covered

Coverage analysisShow details
4 source articles · 4 unique outlets
Outlet political mix: Too few rated· 1 Center · 3 unrated
Where the outlets are based: Unknown 75% · Global 25%
Outlet political mix
Too few rated
Left
Center
Right
0 outlets
1 outlet
0 outlets
The marker shows coverage balance: each unique outlet counts once. 3 unrated outlets are not included.
Geography
Where the outlets covering this story are based.
4 unique outletsDominant coverage: Global
Coverage imbalance
  • Coverage is currently concentrated among outlets based in Unknown (3 of 4 geographically-identified sources).
How we measure coverage

2 sources are from a wire service (AP, Reuters, AFP or Bloomberg), whose reporting other outlets often republish.

How outlets' accounts compare

3 framing differences · 4 uncorroborated claims · 1 information gap
The reports repeat the same account with different emphasis; its central claims are not independently confirmed in the reporting Updat3 read.Compared across 2 reports whose article text Updat3 read; 2 other outlets were checked by headline only.
Framing / emphasis differences
Sources emphasise different angles, actors or consequences of the same reporting.
  • Bloomingbit described $2.77 billion in outflows across five blockchains from Binance-linked wallets; CryptoTicker described about $2.8 billion drained from a Binance hot wallet.
  • Bloomberg’s headline highlighted a stock selloff as an additional weight on bitcoin; the two article excerpts focus on suspected Binance-related wallet activity and related market moves.
  • The reports describe a possible hack or security issue, but do not establish that a hack caused the outflows or identify who moved the funds.
Updat3: These are differences of emphasis, not disputes about what is reported. They do not show that the reported claims are true.
One-sided or uncorroborated claims
Claims that come from one party or one source family and are not independently corroborated.
  • Binance said it was investigating reports of a potential security issue; the reports do not attribute the transfers to a named actor.
  • Binance said its teams were aware of reports of a potential security issue and were actively investigating.
  • Paolo Ardoino said more than 1.567 billion USDT had been frozen in connection with the possible Binance hack.
  • ZachXBT said more than $2.83 billion was frozen in total.
Updat3: Not independently corroborated yet — treat as a claim, not an established fact.
Not established by the reporting
Information the available reporting does not contain or confirm. This is a gap, not a disagreement.
  • The reports do not give details about the stock selloff mentioned in Bloomberg’s headline.
Updat3: Updat3 cannot conclude anything about this from the current sources.

Timeline

Developments from this story's sources, dated background we compiled and fact-checked, and our earlier coverage. Each row says which.
  1. Satoshi Nakamoto published the Bitcoin white paper.
    Background · compiled and fact-checked by Updat3
  2. The first block of the Bitcoin network was mined.
    Background · compiled and fact-checked by Updat3
  3. Binance was founded in 2017, during a period of rapid expansion in cryptocurrency trading.
    Background · from our historical context
  4. Binance launched its cryptocurrency exchange.
    Background · compiled and fact-checked by Updat3
  5. Binance covered the loss through its Secure Asset Fund for Users, established in 2018, and temporarily suspended deposits and withdrawals while it reviewed its systems.
    Background · from our historical context
  6. Tether’s terms have included the ability to freeze USDT, while Circle launched USDC in September 2018 and has also described the ability to block addresses.
    Background · from our historical context
  7. Binance’s most prominent earlier security breach occurred on May 7, 2019, when the exchange said hackers withdrew 7,000 bitcoin from its hot wallet.
    Background · from our historical context
  8. Attackers stole about 7,000 bitcoin from Binance, then worth roughly US$40 million.
    Background · compiled and fact-checked by Updat3
  9. The collapse of FTX in November 2022 further focused attention on exchange custody and the risks of trading platforms, although FTX was a separate company from Binance.
    Background · from our historical context
  10. In January 2024, the U.S. Securities and Exchange Commission approved the first spot bitcoin exchange-traded products listed on U.S. exchanges, widening access to bitcoin through traditional markets.
    Background · from our historical context
  11. Hackers stole roughly US$1.5 billion in cryptocurrency from the Bybit exchange; investigators attributed the operation to North Korea’s Lazarus Group.
    Background · compiled and fact-checked by Updat3
  12. On Oct. 29, outflows totaling $2.77 billion were detected across five blockchains from Binance-linked wallets.
    Reported in this story's sourcesSource:en.bloomingbit.iocryptoticker.io

How we got here

Binance’s most prominent earlier security breach occurred on May 7, 2019, when the exchange said hackers withdrew 7,000 bitcoin from its hot wallet. Binance covered the loss through its Secure Asset Fund for Users, established in 2018, and temporarily suspended deposits and withdrawals while it reviewed its systems.

Binance was founded in 2017, during a period of rapid expansion in cryptocurrency trading. Bitcoin’s underlying system had been introduced in Satoshi Nakamoto’s 2008 white paper, and the network’s first block was mined on Jan. 3, 2009.

Original sources

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